1. In all partial opt-in counties, prior to a confirmation by a court of a deemed bid under subsection 2 of section 141.560, a trust shall be created for the management, sale, and other disposition of tax delinquent lands, which shall be known as "The Land Trust of ______ County, Missouri", and the board of which shall be known as land trustees. The county commission of such county shall appoint by resolution or order one or three land trustees. The first appointed land trustee shall serve for a term of two years and the remaining land trustees shall serve for terms of three years respectively, as applicable. Thereafter, land trustees shall be appointed by the county commission for a term of office of two years, except that all vacancies shall be filled for an unexpired term.2. If a county elected to establish a land bank agency under subsection 1 of section 140.981, no such land trust shall be created under sections 141.700 to 141.821.3. Such land trust, by majority vote of the land trustees, shall have the power and duty to sell, exchange, or otherwise dispose of real estate, provided, however, that any such sale, exchange, or disposal shall be for consideration equal to or in excess of two-thirds of the appraised value of such real estate so sold or conveyed, and if such consideration is less than two-thirds of the appraised value of such real estate, the land trust shall first procure a majority vote of the county commission.4.(1) The land trust shall set up accounts relating to the operation and management of the land trust.(2) When any parcel of real estate is sold or otherwise disposed of by the land trust, the proceeds therefrom shall be applied and distributed in the following order: (a) To the payment of the expenses of sale;(b) To the costs of the care, improvement, operation, acquisition, demolition, management, and administration of parcels of real estate owned by the land trust; and(c) To the county's general fund.5. No land trustee shall receive any compensation, emolument, or other profit directly or indirectly from the rental, management, acquisition, sale, demolition, repair, rehabilitation, use, operation, ownership, or disposition of any lands held by such land trust.Added by 2024 Mo. Laws, HB 2062,s A, eff. 8/28/2024.