76-4-1223. Exemptions for certain transactions. Unless the method of disposition is adopted for the purpose of evasion of this part, the provisions of this part do not apply to offers or dispositions of an interest in land:
     (1) by a purchaser of subdivided lands for his own account in a single or isolated transaction;
     (2) if fewer than five separate lots, parcels, units, or interests in subdivided lands are offered by a person in a period of 12 months;
     (3) on which there is a residential, commercial, or industrial building or as to which there is a legal obligation on the part of the seller to construct such a building within 2 years from date of disposition;
     (4) to persons who are engaged in the business of construction of buildings for resale or to persons who acquire an interest in subdivided lands for the purpose of engaging and do engage in the business of construction of buildings for resale.

     History: En. Sec. 3, Ch. 97, L. 1969; R.C.M. 1947, 67-2119(part).