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Code · North Carolina · Chapter 54 — Cooperative Organizations

§ 54-72. Restriction on holding real estate.

65 words·~1 min read·/nc/chapter-54/54-72

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§ 54-72. Restriction on holding real estate.
No land mortgage association shall acquire real estate (other than for the occupation of its offices) except to protect its interest in case any of the mortgages owned by it are foreclosed and the property therein described sold to pay the indebtedness secured thereby. All real estate so acquired shall be promptly sold. (1925, c. 223, s. 24.)
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