Any national or state chartered bank, or trust company, authorized to do business in this state shall be exempt from the provisions of this chapter; provided, however, that no national or state bank or trust company shall purchase agricultural lands in South Dakota through a pooled investment fund formed from assets from retirement, pension, profit sharing, stock bonds or other trusts.
S.D. Codified Laws § 47-9A-4
Banks and trust companies exempt--Purchase of agricultural land through pooled investment fund excepted
Known as the Family Farm Act
The act spans §§ 47–47 (30 sections).
Applied in 1 court decision — leading case Allegheny Corp. v. Richardson, Inc. (1990)
Most recently applied in Allegheny Corp. v. Richardson, Inc. (November 1990)
Source: SL 1974, ch 294, § 9; SL 1977, ch 383.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.