Rushville Republican

Agriculture

September 27, 2013

Farmers, landlords enter lease renegotiations as fall approaches

(Continued)

“If there is no more than a comment or oral notice that a new rent or other new lease terms need to be agreed to, the parties to the lease might find that they are under the same terms for the 2014 lease.”

Indiana rules about written lease termination also apply to permanently terminated leases.

The only time tenants and landlords are not entitled to a written notice to quit is when the initial lease agreement is a term lease that specifically states it can be terminated orally.

According to Harrison, both tenants and landlords can protect themselves by consulting farm attorneys to end current lease agreements and set up new ones.

Purdue Extension offers free resources to help farmers and landowners better understand farmland leases through The Education Store at http://www.the-education-store.com/. Those publications include:

• Legal Aspects of Indiana Farmland Leases and Federal Tax Considerations, written by Harrison. It can be downloaded by visiting the above URL and searching for “EC-713-W.”

• Indiana Cash Farm Lease, written by Purdue Extension agricultural economist Craig Dobbins. This publication helps farmers and landlords put lease agreements in writing and includes a blank cash lease form. It also can be downloaded through The Education Store by searching for “EC-257-W.”

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Agriculture
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    June 27, 2014

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    June 27, 2014 1 Photo

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