AI-assisted research summary: Foreign adversary nations and foreign adversary agents are generally barred from buying or otherwise obtaining a substantial interest in real property in this state, with a limited exception for certain inherited or debt-related acquisitions if the property is divested within 120 days.
33-443 - Prohibition against land ownership; foreign adversary nation or agent; enforcement; violation; classification; definitions 33-443. Prohibition against land ownership; foreign adversary nation or agent; enforcement; violation; classification; definitions A. Notwithstanding any other law and except as provided in subsection F of this section, a foreign adversary nation or a foreign adversary agent may not, directly or indirectly, purchase, own, acquire by grant or devise or otherwise obtain a substantial interest in real property in this state. B. The attorney general shall enforce this section. The enforcement of this section may not be based on a person's race or national origin. If the attorney general reasonably suspects a violation of this section occurred, the attorney general: 1. May commence an action in superior court in the county in which the real property is located. 2. Shall report the matter to the federal bureau of investigation for suspected espionage activity or to other local, state or federal law enforcement agencies with the statutory authority to investigate those cases. 3. Shall report the matter to the committee on foreign investments in the United States (50 United States Code section 4565). C. If pursuant to an action filed under subsection B, paragraph 1 of this section the superior court finds that title or a substantial interest in real property was obtained in violation of subsection A of this section, the court shall enter an order: 1. Stating the court's findings. 2. Divesting the person's interest. 3. Directing the board of supervisors to sell the real property in a manner that is consistent with title 42, chapter 18, article 7, except that the board of supervisors shall distribute the remaining proceeds after paying taxes, interest, penalties, fees and costs in the following order of priority: (a) To any valid lienholder for the value of the lienholder's outstanding lien that is attached to the real property. (b) To the appropriate county treasurer and the attorney general to reimburse the appropriate board of supervisors and the attorney general for expenses incurred in the prosecution of a violation of this section. (c) To the property owner in an amount equal to the remaining proceeds of the sale, if any. D. A title insurer, title agent, escrow agent or real estate licensee may not be held liable for any violation of this section. E. A violation of this section may not be the basis for a title insurance claim for any title insurance policy issued for property in this state. F. A foreign adversary nation or foreign adversary agent may acquire real property or any interest in real property in this state by devise or descent, the enforcement of security interests or the collection of debt, if the foreign adversary nation or foreign adversary agent sells, transfers or otherwise divests from the real property within one hundred twenty days after acquiring the real property. G. It is unlawful for a person to knowingly make to a law enforcement agency of this state or a political subdivision of this state a false, fraudulent or unfounded report or statement regarding an alleged violation of this section. A violation of this subsection is a class 1 misdemeanor. H. For the purposes of this section: 1. "Foreign adversary agent" means any of the following: (a) An agent of a foreign adversary nation involved in espionage. (b) A state-owned enterprise of a foreign adversary nation. (c) An entity that is directed or controlled by a foreign adversary nation or the proxies of that foreign adversary nation. (d) A leader of a controlling political party or government or any administrative subdivision of a foreign adversary nation. (e) Any business or other entity that is headquartered or domiciled in a foreign adversary nation and directly or indirectly held or controlled by a foreign adversary nation. 2. "Foreign adversary nation" means a country that is either of the following: (a) Identified by the United States director of national intelligence as a country that poses a risk to the national security of the United States in each of the three most recent annual threat assessments of the United States intelligence community issued pursuant to section 108b of the national security act of 1947 (50 United States Code section 3043b). (b) Determined by the United States department of commerce pursuant to 15 Code of Federal Regulations section 791.4. 3. "Substantial interest" means an interest of thirty percent or more.