(a) (1) (A) When after April 19, 1979, any foreign party acquires any interest in agricultural land in Arkansas by grant, purchase, adverse possession, devise, descent, or in any other manner or any agent, trustee, or fiduciary acquires title to agricultural land in Arkansas on behalf of a foreign party, the foreign party or agent, trustee, or fiduciary shall register the ownership in the office of the circuit clerk in the county in which the land is located within sixty (60) days after the acquisition.
(B) The registration shall include a description of the agricultural lands acquired and the name and business address of the foreign party which acquired the lands or in whose behalf the lands were acquired.
(2) When the acquisition of lands by a foreign party is registered with the circuit clerk as required in this section, the clerk shall record the acquisition in an appropriate foreign land ownership record book to be maintained by him or her. The clerk shall forthwith remit a copy of the registration to the Secretary of State, who shall likewise maintain a record of all registrations made pursuant to the provisions of this chapter.
(b) Any foreign party who obtains a lease of agricultural land for a term of ten (10) years or longer or a lease renewable by option for terms which, if the options were all exercised, would total ten (10) years shall be deemed to have acquired agricultural land within the meaning of this chapter.
(c) Any party who acquires or holds any interest in agricultural land in violation of this chapter shall continue to violate this chapter for as long as he or she holds an interest in the land.
(d) Nothing in this chapter shall prevent a foreign party holding a lien or other interest in agricultural land prior to April 19, 1979, from taking a valid title to the land by the enforcement of the lien or other existing interest, but any such interest shall be registered as required in this chapter.
Acts 1979, No. 1096, § 3; A.S.A. 1947, § 77-2203.