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Now it’s time: The Economic Transfer Act was passed

agrarszektor.hu
Thursday, December 23, 2021 12:15 pm

On December 21, 2021, Act CXLIII was passed. Law. This is legislation intended to support the promotion of generational change, which, if not done or not done properly, could jeopardize the future of Hungarian agriculture.

The new law provides for the possibility of transferring ownership as a single unit, i.e. all elements related to possession (land, other real estate, movable property, property rights, company shares) can be transferred between one party wishing to transfer and seize more than one contract, the so-called economic transfer agreement – read NAK side. According to the law, a farm transfer contract may be concluded in connection with the transfer of the farm of a primary agricultural producer and a sole proprietor engaged in agricultural, forestry and auxiliary activities.

according to law Economic conversion may be:

  • A sole proprietor who has reached retirement age or has reached the age of five or less than 5 years from the conclusion of the contract and works in agricultural or forestry activities in his own name and on his own responsibility for at least 10 years and has proven his turnover, obsession
  • The land user who has been registered in the Land Use Register for at least 3 years, or the forest manager who has been registered with the forestry director for at least 3 years, or the owner of the company so registered has more than three-quarters of the agricultural and forest land area specified in the transfer contract farm.

The recipient can be: A person who is at least ten years of age from the transferor and who has not attained the age of fifty has undergone a significant change in this respect compared to the invoice presented, given that the proposal still includes 60 years as a sole proprietor who meets the conditions laid down by law to operate the possession to be taken and who

  • In a chain of relatives with the converter as defined by the Family Farm Act, or
  • Has been employed or employed by the transferor for at least 7 years.
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A title transfer contract may be executed by transfer of possession (transfer agreement)with free transfer of ownership of the possession (farm transfer gift contract)in the form of alimony obligation (contract agreement)or in the manner on which the annual installments are to be paid (farm pension contract). In order to make the transfer more smooth, the law allows for the possibility of establishing an agreed period of cooperation based on an agreement, the purpose of which is to allow the transferor to participate in the operation of the holding prior to the transfer. text of the law It can be read here.

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