[Legislativecommittee1] FW: State law restrictions on foreign investment

[Craig Trummel]

All – for SB5057, we may want to keep the info below handy when talking with the sponsor of the bill and other influential committee members.

I will be out of office from Dec 26th and Dec 27th, returning Monday Dec 30th.
Our offices will be closed Wed, Dec 25th for Christmas and Wed, Jan 1st for New Year’s Day.
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Craig Trummel
Regional Underwriter/Washington State Counsel
C: 206.580.8344   |  ctrummel at wfgtitle.com<mailto:ctrummel at wfgtitle.com> | www.wfgtitle.com<http://www.wfgtitle.com/>

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From: DIRT - Real Estate Lawyers Listserv [mailto:DIRT at LISTSERV.UMKC.EDU] On Behalf Of Whitman, Dale
Sent: Thursday, December 19, 2024 10:09 AM
To: DIRT at LISTSERV.UMKC.EDU
Subject: [DIRT] State law restrictions on foreign investment

As you probably know about half of the states have adopted restrictions on foreign investment, many of them in the past few years. Those laws may be about to get their comuppance. There is a very recent case in the federal court in Arkansas. 

 As you probably know about half of the states have adopted restrictions on foreign investment, many of them in the past few years. Those laws may be about to get their comuppance. There is a very recent case in the federal court in Arkansas. It involves a crypto mining operation operated by an owner with Chinese roots. The Arkansas state government was in the process of taking action to force them out of the state. Their defense was federal preemption. They argued that the regulations promulgated by CFIUS, which is a federal agency, conflicted with the state law, and that state law had to be set aside under the principle of preemption.  The federal District Court agreed and issued a preliminary injunction. It pointed out that foreign relations is a federal responsibility, and that definitions and remedies under the federal and stste regimes were different.


You can see the analysis of the Reed firm at the following address.


https://www.tradecomplianceresourcehub.com/2024/12/17/federal-judge-halts-enforcement-of-arkansass-foreign-land-ownership-laws/#page=1 [nam02.safelinks.protection.outlook.com]<https://urldefense.com/v3/__https:/nam02.safelinks.protection.outlook.com/?url=https*3A*2F*2Fwww.tradecomplianceresourcehub.com*2F2024*2F12*2F17*2Ffederal-judge-halts-enforcement-of-arkansass-foreign-land-ownership-laws*2F*23page*3D1&data=05*7C02*7CDIRT*40LISTSERV.UMKC.EDU*7C53add8abaa634054be0e08dd20583797*7Ce3fefdbef7e9401ba51a355e01b05a89*7C0*7C0*7C638702285439038400*7CUnknown*7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ*3D*3D*7C0*7C*7C*7C&sdata=6wO8y3UYdawalM9tz*2FBfe6sBAChbGma0JDTse55qFwQ*3D&reserved=0__;JSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJQ!!D1GiJZDdVrw!Zc_Rq4EYfcvTHM1zSJXQPsRopP1Bl46TmR3y0elyw-v163IRnIBlJDuobfZSjBhOczSHGJpRfKTSFbpgGboyCb3ELWhP$>,


This has the potential to go all the way to the Supreme Court and to make an enforceable the law of a number of states, so it could be quite important.
Dale


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