Wyoming Amends Provisions Surrounding Property Redemption
Wyoming has enacted House Bill 292 amending foreclosure sale and right of redemption provisions. The Act clarifies the definition of “agricultural real estate” with respect to the right of redemption used in Section 1-18-103. Agricultural real estate is defined as:
[A]ny single parcel of land in excess of eighty (80) acres lying outside the exterior boundaries of any incorporated city, town or recorded subdivision or any property that is used substantially for agricultural purposes, which, if combined with other agricultural purposes, equals eighty (80) acres or more in aggregate.
Additionally, House Bill 292 amends Section 1-18-111, sale on foreclosure of mortgage, to allow a limited right of entry to a purchaser in order to ensure the property does not significantly deteriorate during the redemption period. A limited right of entry is defined as “entrance into the premises which is not occupied by a legal inhabitant.”
View the amendments in their entirety:
https://www.wyoleg.gov/Legislation/2019/HB0290
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
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