55. Sale with right to reconveyance.

If:

  1.  

    (1)     an estate or interest in land1 is sold2 subject to terms which provide that it is to be, or may be required to be, reconveyed at a future date to the seller or a person connected3 with him;

  2.  

    (2)     the period beginning with the sale and ending on the earliest date on which under the terms of the sale the estate or interest would fall to be reconveyed is 50 years or less; and

  3.  

    (3)     the price at which the estate or interest is sold exceeds the price