(a) A sanctioned nonresident alien, sanctioned foreign business, or sanctioned foreign government, or an agent, trustee, or fiduciary thereof, who acquires real property or an interest in real property, by devise or descent after July 1, 2023, shall divest itself of all right, title, and interest in the real property within two (2) years from the date of acquiring the real property or interest.

Terms Used In Tennessee Code 66-2-303

  • Devise: To gift property by will.
  • Fiduciary: A trustee, executor, or administrator.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means one (1) or more defined parcels or tracts of land or interests, benefits, and rights inherent in the ownership of real estate, including easements, water rights, agricultural land, or any other interest in real property. See Tennessee Code 66-2-301
  • Sanctioned foreign business: means :
    (A) A corporation incorporated under the laws of a foreign country of a sanctioned foreign government. See Tennessee Code 66-2-301
  • Sanctioned foreign government: means a government other than the government of the United States, its states, its territories, or its possessions, that is identified by the office of foreign assets control of the U. See Tennessee Code 66-2-301
  • Sanctioned nonresident alien: means an individual who is either:
    (i) A citizen of a sanctioned foreign government. See Tennessee Code 66-2-301
  • Trustee: A person or institution holding and administering property in trust.
(b) This section does not require divestment of real property or an interest in real property, acquired by devise or descent from a sanctioned nonresident alien, if the real property or an interest in the real property was acquired by a sanctioned nonresident alien prior to July 1, 2023.
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