The following provisions apply to the ownership or leasing of agricultural land in this state:
(1) A prohibited entity may not own agricultural land in this state;
(2) A prohibited entity may not lease or hold an easement on agricultural land in this state, unless:
(a) The lease is exclusively for agricultural research purposes and encumbers no more than three hundred and twenty acres; or
(b) The lease is exclusively for contract feeding of livestock, at an animal feeding operation, by a family farm unit, a family farm corporation, or an authorized farm corporation;
(3) Excluding a prohibited entity, a foreign entity, foreign government, or foreign person may not own more than one hundred and sixty acres of agricultural land in this state, provided this limitation does not include:
(a) Agricultural land acquired by devise or inheritance; or
(b) Agricultural land held as security for indebtedness; and
(4) Excluding a prohibited entity, there is no restriction on easements or the number of acres of agricultural land that a foreign entity, foreign government, or foreign person may lease.
This section does not apply to a foreign entity, foreign government, or foreign person whose right to hold land is secured by treaty.