I'm in NE.
I have a dumb question, probably already know the answer to it, but I thought I'd take a shot at it. My family has been leasing a square mile of pasture land from the state, went from father to son, for between 60 to 70 years. Not exactly sure how long because the records they have access to don't go back that far and they are having to research it and aren't getting back to me. There is an annual lease amount, payable every six months. In addition it used to be every 8 years but now it's 6 years, they have an open bidding on the lease to the public. So the winning bidder pays that bid amount, plus the whole year lease in advance, plus any improvements that the previous lease holder has put on the land. My question is this, in general is there any kind of law that allows a person to have control over land after a certain number of years? This ground does not produce as much income as the lease payment alone is, but there is no other land available and it is desperately needed. Figuring in the lease payments alone, not the many thousands we've been bid up on it the 60 to 70 years, and figuring any taxes that would have been paid, the land would have been paid for a few times over if it could have been purchased. They do offer some of them for sale, but not this one, because they feel it is desirable I guess, and then that would be open bidding anyway, starting at more than what the land is worth, literally. Just got to thinking about it, I've seen some strange laws, wondered if there would be one that I didn't know about here. Thanks.
I have a dumb question, probably already know the answer to it, but I thought I'd take a shot at it. My family has been leasing a square mile of pasture land from the state, went from father to son, for between 60 to 70 years. Not exactly sure how long because the records they have access to don't go back that far and they are having to research it and aren't getting back to me. There is an annual lease amount, payable every six months. In addition it used to be every 8 years but now it's 6 years, they have an open bidding on the lease to the public. So the winning bidder pays that bid amount, plus the whole year lease in advance, plus any improvements that the previous lease holder has put on the land. My question is this, in general is there any kind of law that allows a person to have control over land after a certain number of years? This ground does not produce as much income as the lease payment alone is, but there is no other land available and it is desperately needed. Figuring in the lease payments alone, not the many thousands we've been bid up on it the 60 to 70 years, and figuring any taxes that would have been paid, the land would have been paid for a few times over if it could have been purchased. They do offer some of them for sale, but not this one, because they feel it is desirable I guess, and then that would be open bidding anyway, starting at more than what the land is worth, literally. Just got to thinking about it, I've seen some strange laws, wondered if there would be one that I didn't know about here. Thanks.