Iowa Code 10.2 – Interests described
Current as of: 2024 | Check for updates
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1. A person holds an interest in agricultural land if the person either directly or indirectly owns or leases the agricultural land in this state.
Terms Used In Iowa Code 10.2
- Agricultural land: means the same as defined in section 9H. See Iowa Code 10.1
- Cooperative association: means an entity which is structured and operated on a cooperative basis pursuant to 26 U. See Iowa Code 10.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Farmers cooperative limited liability company: means a limited liability company organized under chapter 489, if cooperative associations hold one hundred percent of all membership interests in the limited liability company. See Iowa Code 10.1
- Farmers entity: means a networking farmers entity, farmers cooperative limited liability company, or farmers cooperative association. See Iowa Code 10.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Networking farmers limited liability company: means a limited liability company, other than a family farm limited liability company as defined in section 9H. See Iowa Code 10.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. A person holds an interest in a farmers entity if the person holds an interest as any of the following:
a. A shareholder of a networking farmers corporation.
b. A member of a networking farmers limited liability company.
c. A member of a farmers cooperative association.
d. A member of a farmers cooperative limited liability company.