Section 140.987 - Sale of property, buyer restrictions - contract for improvements, when - breach remedies1. A land bank agency shall require that any buyer demonstrate that the buyer is not the owner of any parcel of real estate within the county or municipality that created the land bank agency for which a tax bill has been delinquent for more than one year or is in violation of any municipal building or housing code, and is not the original owner or relative of such owner within the second degree of consanguinity of the parcel sold, transferred, exchanged, or gifted to the land bank agency.2. No foreign or domestic corporation or limited liability company that has failed to appoint or maintain a registered agent under chapter 347 or 351 shall be eligible to buy property from the land bank agency. No foreign corporate entity shall be eligible to buy property from the land bank agency unless it has a certificate of authority to transact business in Missouri under section 351.572.3. As a condition of the sale or other authorized conveyance of ownership of any parcel of land owned by the land bank agency to a private owner, such owner may be required to enter into a contract, which may be secured by a deed of trust in favor of the land bank agency, stipulating that such owner or the owner's successor agrees that such owner or the owner's successor make certain improvements to the parcel. If the land bank agency finds by resolution that the terms of the contract have not been satisfied, the land bank agency shall be authorized to bring suit to recover damages for the breach and to seek a judicial foreclosure of the parcel under sections 443.190 to 443.260, except that upon final judgment of the court, title shall revert to the land bank agency without necessity of sale. As an alternative to, or in addition to, seeking a judicial foreclosure, the land bank agency may, only by gift, assign or convey its right to foreclose under sections 443.190 to 443.260 to any 501(c)(3) tax-exempt nonprofit organization or exercise the right of reentry under chapter 524, 527, or 534. The land bank agency or its assignee shall assume title to the land by filing a copy of the judgment with the recorder of deeds in the county where the property is located. Any property redeemed by the land bank agency under the provisions of this section shall be administered in the same manner as other property sold to the land bank agency.Amended by 2024 Mo. Laws, HB 2062,s A, eff. 8/28/2024.Added by 2019 Mo. Laws, HB 821,s A, eff. 8/28/2019.