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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 1995bottom

  362.165.  Restrictions on taking and holding real estate. — 1.  All real estate, including any subsurface rights or interests therein, purchased by any bank or trust company or taken by it in its own right in settlement of debts due it shall be conveyed to it directly by name and the conveyance immediately recorded in the office of the proper recording officer of the county or city in which the real estate is located.

  2.  Such real estate, rights, or interests so purchased or acquired by any bank or trust company shall be sold by it within ten years of the date on which it shall have been acquired unless it shall be held or occupied in whole or in part by the bank or trust company under the authority of section 362.105, subsection 1, subdivision (9), paragraph (a); provided, that if at any time a bank or trust company changes its location it may have ten years from the date of the change to sell the former location.  The aggregate amount of earnings from such real estate, rights or interests shall be separately disclosed in reports of the bank or trust company.

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(RSMo 1939 § 7951, A.L. 1967 p. 445, A.L. 1983 S.B. 331, A.L. 1995 S.B. 178)

Prior revisions: 1929 § 5356; 1919 § 11739

CROSS REFERENCE:

Conveyance of realty in blighted area to urban redevelopment corporation, 353.120


---- end of effective   28 Aug 1995 ----

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