Modern farming is a business, and it is extremely common to see even small operations owning farmland in a partnership, LLC, corporation or trust. Even so, Minnesota law restricts the ownership of agricultural real estate by business entities and trusts.
Who Can Own Minnesota Farmland?
Minnesota’s ...Read More
A “lien” is a type of property right that allows a person (the “lienholder”) to take possession of certain property belonging to a debtor if an underlying debt is not paid. Some liens, such as mortgages and security interests, are voluntary and are created ...Read More
Instead of hiring employees to perform all work on the farm, many pork producers contract with independent contractors to perform certain services. For example, a pork producer may contract with an independent trucker to transport pigs from a nursery to a finishing barn or ...Read More
On April 26, 2018, a jury in North Carolina awarded a judgment against Murphy-Brown LLC (an affiliate of Smithfield Foods) for more than $50 million in a nuisance lawsuit arising from the operation of a hog confinement facility. This judgment was later reduced by ...Read More
Whether you are a producer looking to expand your operations without buying additional facilities, or a farmer approaching retirement and considering renting your hog barns out, the following are key terms that should be addressed in any barn lease:
- Correctly Identify Parties. Make sure ...Read More
The Tax Cuts and Jobs Act (the “Act”) made effective on December 22, 2017 repealed the old section 199 of the Internal Revenue Code of 1986 (the “Code”) which used to provide for an income tax deduction equal to approximately 9 percent of the ...Read More