633.99 Federal stock — authority to purchase.
135 words·~1 min read·
/ia/chapter-633-probate-code/633-99A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the court shall enter an order authorizing the fiduciary to execute a mortgage to encumber any property of the estate to secure a loan obtained from any association or corporation created, or which may be created, by authority of the United States and as an instrumentality of the United States, the court may authorize the fiduciary to purchase stock in an association or corporation, when such a purchase of stock is necessary or required as an incident to, or condition of, obtaining the loan, and to mortgage the estate property for such purpose, as well as to make payment for the stock so purchased from the proceeds of the loan so obtained.
[C35, §11951-g1; C39, §11951.1; C46, 50, 54, 58, 62, §635.41; C66, 71, 73, 75, 77, 79, 81, §633.99]
Referred to in §633.642