§ 63L-13-202 — Alienate within one year -- Sale of property.

(1) (1)(a) A restricted foreign entity that acquires an interest in land on or after May 1, 2024, shall alienate the interest within one year after the date of acquisition.
(1)(b) A restricted foreign entity that acquired an interest in land before May 1, 2024, shall alienate the interest on or before May 1, 2025.
(2) If a restricted foreign entity fails to alienate an interest in land as described in Subsection (1), the Division of Facilities Construction and Management shall sell the interest in land in accordance with Subsection (3).
(3) The Division of Facilities Construction and Management shall sell an interest in land described in Subsection (2):
(3)(a) at public auction;
(3)(b) when practicable, in the city, town, or precinct where the land is located;
(3)(c) the day after the one year time period described in Subsection (1) elapses, but not longer than one year after the day on which the time period in Subsection (1) elapses;
(3)(d) after publication of the date, time, and place of sale:
(3)(d)(i) in a newspaper having general circulation in the county, once in each of the two successive weeks immediately preceding the date of the sale; and
(3)(d)(ii) in accordance with Section 45-1-101 for the two weeks immediately preceding the date of the sale; and
(3)(e) after notification, sent by certified mail at least 10 days before the first date of publication described in Subsection (3)(d), to:
(3)(e)(i) the restricted foreign entity;
(3)(e)(ii) all lien holders of record; and
(3)(e)(iii) any other person known to have an interest in the land.
(4) If a political subdivision sold an interest in land described in Subsection (2) to the restricted foreign entity, the political subdivision has a right of first refusal before the sale described in Subsection (3).
(5) After the sale of the interest in land described in Subsection (3), the Division of Facilities Construction and Management shall submit to the county recorder for recording notice of a sale described in this section.
(6) Proceeds from a sale under Subsection (3) shall:
(6)(a) satisfy any outstanding liens on the interest in land; and
(6)(b) after satisfying any outstanding liens, be deposited into the General Fund.

Legislative History

Amended by Chapter 504, 2024 General Session