Section 89-27-5 - Acquisition of possessory interest in forest or agricultural land by nonresident alien; disposal of possessory interest

(1) A nonresident alien may acquire a possessory interest in forest or agricultural land by devise or inheritance, as security for indebtedness, in the collection of debts or by any procedure for the enforcement of a lien or claim thereon, whether created by mortgage or otherwise.(2) Any such possessory interest in forest or agricultural land acquired by a nonresident alien in the collection of debts or by any procedure for the enforcement of a lien or claim thereon shall be disposed of within two (2) years after acquiring such possessory interest.(3) Any such possessory interest in forest or agricultural land acquired by a nonresident alien by devise or inheritance shall be disposed of within one (1) year after acquiring such possessory interest.(4) A nonresident alien that acquires a possessory interest in forest or agricultural land pursuant to subsection (1) of this section may avoid disposing of such interest if, within the time required for disposal, such nonresident alien terminates said nonresident alien status or disposes of such shared interest as to no longer retain the majority part of interest thereof.(5) Ownership of a majority part or majority interest in forest or

nates said nonresident alien status or disposes of such shared interest as to no longer retain the majority part of interest thereof.(5) Ownership of a majority part or majority interest in forest or agricultural land by a nonresident alien, outside of the provisions allowed by subsections (1) through (4) of this section, shall be prohibited. Failure to comply with the provisions of this section shall trigger the Secretary of State to issue a formal demand with notice of the violation to the nonresident alien. Failure to comply with the disposition of forest or agricultural land within the State of Mississippi after receiving notice shall trigger the Secretary of State to formally notify the Attorney General with a specific request for enforcement actions to begin.Added by Laws, 2024, ch. 329, SB 2519,§ 3, eff. 7/1/2024.