Bill Text: MS HB57 | 2013 | Regular Session | Introduced

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Bill Title: Tax-forfeited lands; authorize sales of to certain individuals.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-02-05 - Died In Committee [HB57 Detail]

Download: Mississippi-2013-HB57-Introduced.html

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MISSISSIPPI LEGISLATURE

2013 Regular Session

To: Banking and Financial Services; Judiciary A

By: Representative Hines

House Bill 57

AN ACT TO AMEND SECTION 29-1-75, MISSISSIPPI CODE OF 1972, TO REMOVE THE RESTRICTION ENTITIES ALLOWED TO PURCHASE TAX-FORFEITED LANDS, TO ALLOW ANY INDIVIDUAL, CORPORATION OR ASSOCIATION HOLDING A MORTGAGE OR DEED OF TRUST ON, OR HOLDING A SECURITY INTEREST IN TAX-FORFEITED LANDS, WHICH IS STILL IN EFFECT, TO PURCHASE THE LANDS SUBJECT TO CERTAIN CONDITIONS; TO REQUIRE THE OWNERSHIP AND POSSESSION OF STATE TAX-FORFEITED LANDS TO TRANSFER TO THE PURCHASER WITHIN TWENTY DAYS OF THE PURCHASE, BUT IN NO CASE SHALL THE TRANSFER OCCUR AFTER THIRTY DAYS OF THE PURCHASE; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 29-1-75, Mississippi Code of 1972, is amended as follows:

     29-1-75.  * * *  Except as otherwise provided in this section, neither a corporation nor a nonresident alien, nor any association of persons composed in whole or in part of nonresident aliens, shall directly or indirectly purchase or become the owner of any of the public lands; and every patent issued in contravention hereof shall be void.  A banking corporation owning such tax‑forfeited lands or(1)  Any individual, corporation or association, whether for-profit or not-for-profit, holding a mortgage or deed of trust * * * thereonon, or holding a security interest in tax-forfeited lands at the time of the sale to the state, and whose mortgage * * * or, deed of trust or security interest is still in force and effect, may purchase * * * such the lands, regardless of acreage, owned by it as aforesaid or on which it held a mortgage * * * or, deed of trust or security interest.  In event of a purchase by such individual, corporation or association as a mortgagee, * * * such the lands shall be held for the benefit of the mortgagor subject to all the terms and conditions of the mortgage * * * or, deed of trust or security interest held by the * * * purchasing banking corporationpurchaser and, upon payment of the debt secured by * * * such the mortgage * * * or, deed of trust or security interest, together with interest and incidents, * * * such banking corporationthe purchaser shall in that event reconvey * * * such the lands to the original mortgagor, his heirs or assigns.

 * * * Nonresident aliens may acquire and hold not to exceed three hundred twenty (320) acres of public lands in this state for the purpose of industrial development thereon.  In addition, any nonresident alien may acquire and hold not to exceed five (5) acres of public lands for residential purposes.  If any land acquired by a nonresident alien for the purpose of industrial development ceases to be used for industrial development, it shall escheat to the public body that sold such land to the nonresident alien.

     (2)  Upon the satisfaction of conditions under subsection (1) of this section, ownership and possession of state tax-forfeited lands sold under the provisions of this section shall be transferred to the purchaser within twenty (20) days of the date of purchase, but in no instance shall the transfer of ownership of the lands occur more than thirty (30) days after the purchase has been completed.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2013.

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