51A-4-10. Property authorized to be purchased to satisfy debts--Limitation on period of retention.
105 words·~1 min read·
/sd/title-51/chapter-51-4/51a-4-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations:
(1)Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow;
(2)Real property shall be sold within five years, unless an extension be granted by the director.