The North Dakota Attorney General said the sale of thousands of acres of major farmland to a group related to Billgates was a Great Depression law aimed at protecting family farms as the land was rented to farmers. I found that it complies with.
State Republican Attorney General Drew Wrigley inquired about the sale of the land and wrote a letter on Wednesday stating that the transaction was in compliance with the archaic one. Anti-community agricultural law.. The law prohibits a company or limited liability company from owning a farm or ranch, but allows a private trust to own the land if it is rented to a farmer.
The purchase of land raised legal issues There is also concern that ultra-high net worth landowners do not share state values.
Gates is considered the largest individual owner of approximately 269,000 acres (108,860 hectares) of farmland across dozens of states, according to last year’s edition of Land Report 100, the country’s largest annual survey of landowners. I am. Microsoft co-founders own less than 1 percent of the country’s total agricultural land.
Gates company Red River Trust has purchased $ 13.5 million worth of land in two counties from Campbell Farm, a wealthy potato producer in northeastern North Dakota.
As a strange move, the Campbells submitted a partnership name certificate to the Secretary of State of North Dakota in February, naming their farming business Red River Trust, the same name as Gates’ company. However, a lawyer at Gates’ company wrote to the Attorney General’s office that Campbells had registered his name without his knowledge.
Campbells did not immediately respond to the request for comment.
Bill Gates’ purchase of North Dakota farmland has been cleared
Source link Bill Gates’ purchase of North Dakota farmland has been cleared