Tennessee Code Title 66. Property § 66-2-303

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) It is the declared policy of this state to conserve, protect, and encourage the development and improvement of its agricultural and forest lands and other facilities for the production of food, fiber, and other agricultural and silvicultural products.

(b)(1)(A) Except as provided in subsection (c), a prohibited foreign party or prohibited foreign-party-controlled business shall not acquire by grant, purchase, devise, descent, or otherwise an interest in agricultural land in this state regardless of whether the prohibited foreign party or prohibited foreign-party-controlled business intends to use the agricultural land for nonfarming purposes.

(B) A party shall not hold agricultural land as an agent, trustee, or other fiduciary for a prohibited foreign party or prohibited foreign-party-controlled business in violation of this section.

(2) A prohibited foreign party or prohibited foreign-party-controlled business that acquires agricultural land in violation of this section remains in violation as long as the prohibited foreign party or prohibited foreign-party-controlled business holds an interest in the agricultural land.

(c)(1) A prohibited foreign party or prohibited foreign-party-controlled business in violation of this section shall divest itself of the interest in agricultural land within two (2) years of the date the entity is found to be in violation.

(2) If a prohibited foreign party or prohibited foreign-party-controlled business does not divest itself of the interest in agricultural land as prescribed in subdivision (c)(1), then the attorney general and reporter may commence an action pursuant to § 66-2-307.

(d) A prohibited foreign party or prohibited foreign-party-controlled business owning an interest in agricultural land in this state on or after January 1, 2025, commits a Class A misdemeanor, punishable by a fine of one thousand five hundred dollars ($1,500) or confinement for not more than eleven (11) months and twenty-nine (29) days, or both.

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Cite this article: FindLaw.com - Tennessee Code Title 66. Property § 66-2-303 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-66-property/tn-code-sect-66-2-303/

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