{"data":{"id":"us-ky/krs-262.904","jurisdiction":"us-ky","citation":"KRS 262.904","heading":"Acquisition of agricultural conservation easements by Commonwealth.","body":"(1) The Commonwealth is hereby authorized to acquire agricultural conservation\neasements or other property interests. The property interest acquired may be any\nless-than-fee-simple interest, including an easement, life estate, covenant, or other\ncontractual ri ght. Acquisition may be accomplished by purchase, gift, grant,\nbequest, devise, covenant, or contract but only at a price that is equal to or less than\nthe appraised value as provided in this section. The Commonwealth shall purchase\nthese property interests only upon voluntary application of the landowner.\n(2) If the landowner so elects, the Commonwealth is authorized to pay the purchase\nprice in a lump-sum single payment at the time of closing, to enter into contracts for\npay outs over a term of years agai nst the purchase price, or to enter into installment\npurchase agreements. When pay outs over time are made, the Commonwealth is\nauthorized to pay interest consistent with prevailing market conditions at the time of\nthe execution of the contract.\n(3) The interest which the Commonwealth owns in property other than eligible lands\nmay be exchanged for property interests in eligible lands on an equivalent appraised\nvalue basis. If the property exchanged is not exactly equal in appraised value, cash\npayments may be made to provide net equivalent value in the exchange.\n(4) After the Commonwealth acquires an agricultural conservation easement or some\nproperty interest less than full ownership in any eligible land, the Commonwealth\nmay purchase the remaining agricultural rights or other property interest in the land\nwhen the acquisition is necessary to maintain the agricultural uses of the property.","path":["KRS Chapter 262"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=12815","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:12Z","sha256":"34c221e68248abb25049674d62297c55297b61ffbc2d89b0af390d02444d755e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-262.902","next":"us-ky/krs-262.906"},"notice":"GroundRules: Original legal text. Not legal advice."}