Missouri Laws 140.980 – Citation of law — definitions
1. Sections 140.980 to 140.1015 shall be known and may be cited as the “Land Bank Act”.
2. As used in sections 140.980 to 140.1015, the following terms mean:
Terms Used In Missouri Laws 140.980
- 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.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- hereafter: means the time after the statute containing it takes effect. See Missouri Laws 1.020
- Lien: A claim against real or personal property in satisfaction of a debt.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) “Ancillary parcel”, a parcel of real estate acquired by a land bank agency other than any sale conducted under section 140.190, 140.240, or 140.250;
(2) “Land bank agency”, an agency established by a city under the authority of section 140.981;
(3) “Land taxes”, taxes on real property or real estate, including the taxes both on the land and the improvements thereon;
(4) “Political subdivision”, any county, city, town, village, school district, library district, or any other public subdivision or public corporation that has the power to tax;
(5) “Reserve period taxes”, land taxes assessed against any parcel of real estate sold or otherwise disposed of by a land bank agency for the first three tax years following such sale or disposition;
(6) “Tax bill”, real estate taxes and the lien thereof, whether general or special, levied and assessed by any taxing authority;
(7) “Taxing authority”, any governmental, managing, administering, or other lawful authority, now or hereafter empowered by law to issue tax bills.