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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

previous next Effective - 06 Jul 1994, see footnotebottom

  369.244.  Association may purchase, convey or manage property in which it has a security interest — time limitation. — 1.  An association may purchase at any sale, public or private, any real or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien or other encumbrance or in which it has any interest, and it may acquire any real or personal property which may be conveyed or transferred to it in full or in partial satisfaction, discharge or release of loans for which such property is security.

  2.  An association may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge or encumber any real or personal property purchased or acquired by it as authorized by subsection 1 of this section.

  3.  An association may invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith.  Said property is not to be held by the association for a period in excess of six years, unless specifically authorized by the director of the division of finance.

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(L. 1971 S.B. 3 § 48, A.L. 1994 H.B. 1165)

Effective 7-06-94


---- end of effective   06 Jul 1994 ----

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