State Codes and Statutes
Statutes > Missouri > T10 > C141 > 141_765Sale of land trust property classified as residentialimprovement--condition of sale, time limitation--failure tocomply, damages--judicial foreclosure or right of reentry,procedure (first class charter counties).
141.765. As a condition of the sale or other authorizedconveyance of ownership of any unimproved parcel of landclassified as residential property owned by the land trust to aprivate owner, (unless the owner owns an adjacent improvedparcel) such owner may be required to enter into a contract withthe land trust stipulating that such owner or his successor agreethat the parcel of land shall, within three years of such sale, *either be improved by a nontemporary structure or returned to theland trust by special warranty deed. The contract shall furtherstate that if the private owner fails to comply with thestipulation he shall be liable to the land trust for damages atthe rate of one hundred dollars per month accruing on the firstday of each month after the termination of the three-year periodso long as the private owner fails to convey the parcel to theland trust. The performance of such agreement shall be securedby a deed of trust or other lien encumbering the parcel. If theland trust finds by resolution that the terms of the agreementhave not been satisfied, the land trust shall be authorized tobring suit to recover damages for the breach and to redeem theownership of such property without consideration or compensationby seeking a judicial foreclosure of such agreement pursuant tosections 443.190 to 443.260, RSMo, except that upon finaljudgment of the court, title shall revert to the land trustwithout necessity of sale. Notwithstanding section 141.750, theoriginal deed conveying title to the private owner shall containa possibility of reverter upon the condition that the privateowner fails to comply with the terms of the contract, with aright of reentry retained by the land trust. As an alternativeto, or in addition to, seeking a judicial foreclosure, the landtrust may exercise the right of reentry pursuant to chapter 524,RSMo, chapter 527, RSMo, or chapter 534, RSMo. The land trustshall assume title to the land by filing a copy of the judgmentwith the recorder of deeds in the county where the property islocated. Any property redeemed by the land trust under theprovisions of this section shall be administered in the samemanner as other property sold to the land trust.
(L. 1992 H.B. 1434 & 1490)*Word "shall" appears here in original rolls.
