N.D. Cent. Code § 10-06.1-03
This is the official text of N.D. Cent. Code § 10-06.1-03, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-06.1-03. Retention of mineral interests prohibited
Official statutory text
10-06.1-03. Retention of mineral interests prohibited
For land and minerals acquired after July 1, 1985, any corporation or limited liability
company that acquires mineral interests through foreclosure or in lieu of foreclosure which were
not specifically valued at the time the security interest in the minerals was acquired, and which
is prohibited from owning or leasing farmland or ranchland, is prohibited from retaining mineral
interests in farmland or ranchland when the corporation or limited liability company divests itself
of the land, and the mineral interests must be passed with the surface estate of the land when
the corporation or limited liability company divests itself of the land under this chapter.
For land and minerals acquired after July 1, 1985, any corporation or limited liability
company that acquires mineral interests through foreclosure or in lieu of foreclosure which were
not specifically valued at the time the security interest in the minerals was acquired, and which
is prohibited from owning or leasing farmland or ranchland, is prohibited from retaining mineral
interests in farmland or ranchland when the corporation or limited liability company divests itself
of the land, and the mineral interests must be passed with the surface estate of the land when
the corporation or limited liability company divests itself of the land under this chapter.
Status: in_force · Read it on the official government site
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