A local unit of government may exchange a parcel of land owned by it or acquired for it by a qualified intermediary, for a parcel of agricultural real estate that is owned by an individual exempt under section 500.221 based on ownership being lawfully acquired prior to June 1, 1981. The agricultural land being exchanged for the parcel that is currently exempt shall also be exempt under section 500.221 as if it had been purchased by the owner prior to June 1, 1981. The exchanged parcel shall have exactly the same status under section 500.221 as the parcel to be exchanged and the status may be stated on the deeds used to effectuate the transaction.
2002 c 373 s 32
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 500 — Estates In Real Property
Section 500.01 — Division As To Quantity.
Section 500.02 — Estates Of Inheritance.
Section 500.03 — Effect Of Conveyance To Grantee In Fee Tail.
Section 500.04 — Conveyance By Owner Of Fee Tail Estate.
Section 500.05 — Division Of Realty Or Personalty.
Section 500.06 — Division As To Time.
Section 500.07 — Estates In Possession.
Section 500.08 — Estates In Expectancy.
Section 500.10 — Future Estate; Statutory Remainders.
Section 500.11 — Future Estates; Inclusiveness.
Section 500.12 — Future Estates; Contingent.
Section 500.14 — Future Estates Construed; Validity; Creating Instruments.
Section 500.15 — Future Estates; Protection From Destructibility Rules.
Section 500.16 — Expectant Estates: Descendible, Devisable, Alienable.
Section 500.17 — Future Estates; Rents And Profits.
Section 500.18 — Commencement Of Expectant Estates.
Section 500.20 — Defeasible Estates.
Section 500.21 — Application To Ground Lease.
Section 500.215 — Limits On Certain Residential Property Rights Prohibited; Flag Display.
Section 500.221 — Restrictions On Acquisition Of Title.
Section 500.222 — Exempt Acreage In Land Exchange.
Section 500.24 — Farming By Business Organizations.
Section 500.245 — Right Of First Refusal For Agricultural Land.
Section 500.25 — Rights Of Farm Tenants On Termination Of Life Estates.