§ 55.1-508 — Foreign adversary acquisition of agricultural land prohibited

Virginia § 55.1-508

• Jurisdiction: Virginia
• Title 55.1: Property and Conveyances
• Subtitle I: Property Conveyances
• Ch. 5.1: Foreign Entities and Property Ownership

Text

A. Notwithstanding any other provision of law, in order to protect the health, safety, and welfare of all citizens of the Commonwealth, on and after July 1, 2023, no foreign adversary shall acquire any interest in agricultural land in the Commonwealth.

B. Any acquisition of any interest in agricultural land in violation of this section shall be void, and title to such interest in agricultural land shall be deemed to have vested as of the date of such purported acquisition in the name of the Commonwealth without any payment of consideration of any kind by the Commonwealth. The foreign adversary purporting to acquire such interest in agricultural land shall be barred from making a claim against any party for restitution of the purchase price paid by such foreign adversary in connection with such interest in agricultural land or for any other kind of payment relating to the foreign adversary's loss or lack of title to such interest in agricultural land. Any lien that has attached to such interest in agricultural land during the foreign adversary's purported acquisition or ownership shall remain a valid lien against the interest during such time as the interest is held by the Commonwealth except that such lien shall not be subject to foreclosure during the period of the Commonwealth's ownership nor shall the Commonwealth be subject to the terms of any agreement giving rise to the lien. The Commonwealth may hold or dispose of such interest in agricultural land in any proper manner.

C. Notwithstanding the provisions in subsection B, if the foreign adversary has subsequently sold or transferred the interest in agricultural land to a person or entity that is not a foreign adversary, title to such interest in agricultural land shall be vested in the subsequent non-foreign adversary purchaser or transferee and shall be valid as if the purported acquisition of such interest in agricultural land by a foreign adversary has not occurred.

D. If an interest in agricultural land has been acquired in violation of this section, a county, city, or town attorney for the locality in which the agricultural land is located, the Attorney General, or any non-foreign adversary person that was a party to the void transaction or is a subsequent holder of such interest may file an action (i) to eject the foreign adversary from possession, (ii) to quiet title to such property, or (iii) for any other appropriate action to ratify the nullification of the transaction. Any action brought pursuant to this subsection shall be filed in the circuit court where the subject property is located.

E. This section shall not be applied in a manner inconsistent with any provision of any treaty between the United States and another country.

Legislative History

2023, cc. 765, 796.