Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                        CHAPTER 123-H.F.No. 385 
           An act relating to agriculture; providing a time limit 
          for certain actions related to right of first refusal; 
          amending Minnesota Statutes 1992, section 500.24, 
          subdivision 7, and by adding a subdivision. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1992, section 500.24, 
subdivision 7, is amended to read: 
    Subd. 7.  [NOTICE OF OFFER.] (a) The state, a federal 
agency, limited partnership, or a corporation subject to 
subdivision 6 must provide a notice of an offer to sell or lease 
agricultural land substantially as follows, after inserting the 
appropriate terms within the parentheses: 

           "NOTICE OF OFFER TO (LEASE, BUY) AGRICULTURAL LAND
TO:       (...Immediately preceding former owner...)
FROM:     (...The state, federal agency, limited
          partnership, or corporation subject to
          subdivision 6...)
DATE:     (...date notice is mailed or personally
          delivered...)
HAS ACQUIRED THE AGRICULTURAL LAND DESCRIBED BELOW AND HAS 
RECEIVED AN ACCEPTABLE OFFER TO (LEASE, SELL) THE AGRICULTURAL 
LAND FROM ANOTHER PARTY.  UNDER MINNESOTA STATUTES, SECTION 
500.24, SUBDIVISION 6, AN OFFER FROM (...the state, federal 
agency, limited partnership, or corporation...) MUST BE MADE TO 
YOU AT A PRICE NO HIGHER THAN THE HIGHEST OFFER MADE BY ANOTHER 
PARTY. 
    THE AGRICULTURAL LAND BEING OFFERED CONTAINS APPROXIMATELY 
(...approximate number of acres...) ACRES AND IS INFORMALLY 
DESCRIBED AS FOLLOWS: 
    (Informal description of the agricultural land being 
offered that reasonably describes the land.  This description 
does not need to be a legal description.) 
    (...The state, federal agency, limited partnership, or 
corporation...) OFFERS TO (SELL, LEASE) THE AGRICULTURAL LAND 
DESCRIBED ABOVE FOR A CASH PRICE OF $(...cash price or 
equivalent cash price for lease and lease period, or cash price 
or equivalent cash price for sale of land...), WHICH IS NOT 
HIGHER THAN THE PRICE OFFERED BY ANOTHER PARTY.  THE PRICE IS 
OFFERED ON THE FOLLOWING TERMS: 

                  (Terms, if any, of acceptable offer)
    IF YOU WANT TO ACCEPT THIS OFFER YOU MUST NOTIFY (...the 
state, federal agency, limited partnership, or corporation...) 
IN WRITING THAT YOU ACCEPT THE OFFER OR SIGN UNDERNEATH THE 
FOLLOWING PARAGRAPH AND RETURN A COPY OF THIS NOTICE BY (15 for 
a lease, 65 for a sale) DAYS AFTER THIS NOTICE IS PERSONALLY 
DELIVERED OR MAILED TO YOU.  THIS OFFER IN THIS NOTICE 
TERMINATES ON (...date of termination - 15 days for lease and 65 
days for sale after date of mailing or personal delivery...) 
    I ACCEPT THE OFFER TO (BUY, LEASE) THE AGRICULTURAL LAND 
DESCRIBED ABOVE AT THE PRICE OFFERED TO ME IN THIS NOTICE.  AS 
PART OF ACCEPTING THIS OFFER I WILL PERFORM ACCORDING TO THE 
TERMS OF THE OFFER, INCLUDING MAKING PAYMENTS DUE UNDER THE 
OFFER, WITHIN TEN DAYS AFTER THE DATE I ACCEPT THIS OFFER.  I 
UNDERSTAND THAT NEGOTIATING OR AGREEING TO AN ARRANGEMENT TO 
SELL THE AGRICULTURAL LAND TO ANOTHER PERSON PRIOR TO ACCEPTING 
THIS OFFER MAY BE A VIOLATION OF LAW AND I MAY BE LIABLE TO A 
PERSON DAMAGED BY THE SALE. 

     .........................................
     Signature of Former Owner Accepting Offer 

     .........................................
     Date" 
IMPORTANT NOTICE
    ANY ACTION FOR THE RECOVERY OF THE AGRICULTURAL LAND 
DESCRIBED ABOVE OR ANY ACTION FOR DAMAGES, EXCEPT FOR DAMAGES 
FOR FRAUD, REGARDING THIS OFFER MUST BE COMMENCED BY A LAWSUIT 
BEFORE THE EXPIRATION OF THREE YEARS AFTER THIS LAND IS SOLD TO 
ANOTHER PARTY.  UPON FILING A LAWSUIT, YOU MUST ALSO FILE A 
NOTICE OF LIS PENDENS WITH THE COUNTY RECORDER OR REGISTRAR OF 
TITLES IN THE COUNTY WHERE THE LAND IS LOCATED. 
    (b) For an offer to sell, a copy of the purchase agreement 
containing the price and terms of the highest offer made by a 
third party that is acceptable to the seller and a signed 
affidavit by the seller affirming that the purchase agreement is 
true, accurate, and made in good faith must be included with the 
notice under this subdivision.  At the seller's discretion, 
reference to the third party's identity may be deleted from the 
copy of the purchase agreement. 
    (c) For an offer to lease, a copy of the lease containing 
the price and terms of the highest offer made by a third party 
that is acceptable to the lessor and a signed affidavit by the 
lessor affirming that the lease is true, accurate, and made in 
good faith must be included with the notice under this 
subdivision.  At the lessor's discretion, reference to the third 
party's identity may be deleted from the copy of the lease 
agreement. 
    (d) The affidavit under paragraphs (b) and (c) is subject 
to section 609.48. 
    Sec. 2.  Minnesota Statutes 1992, section 500.24, is 
amended by adding a subdivision to read: 
    Subd. 8.  [FAILURE TO BRING ACTION.] An action for the 
recovery of title to or possession of real property or any right 
in the property or any action for damages, except for damages 
for fraud, based upon a failure to comply with the requirements 
of subdivision 6 or 7 must be commenced, and a notice of lis 
pendens filed with the county recorder or registrar of titles in 
the county where the real property is located, within three 
years after the conveyance on which the action is based was 
recorded with the county recorder or registrar of titles. 
     Sec. 3.  [EXTENSION OF TIME FOR CERTAIN ACTIONS.] 
    Notwithstanding section 2, a person whose claim would be 
barred by section 2 may commence an action and file a notice of 
lis pendens on or before March 1, 1994. 
    Presented to the governor May 10, 1993 
    Signed by the governor May 11, 1993, 5:50 p.m.