(1) An institution shall promptly dispose of all real and personal property that the institution is not authorized to own or hold under the Bank Act.
(2) All real estate acquired by an institution pursuant to ORS 708A.175 (3) and (4) shall be sold or exchanged for other real estate within 15 years after title has vested in it, unless the time is extended by the Director of the Department of Consumer and Business Services. Title is deemed vested for purposes of this section on the date the institution is first entitled to receive a deed to the real estate. Real estate may not be exchanged for other real estate without the prior written consent of the director. An institution may hold real estate taken in exchange for other real estate for such period of time as the director may fix, not to exceed 15 years from the date of the exchange.
(3) All personal property acquired by an institution pursuant to ORS 708A.175 (3) shall be promptly disposed of. [1997 c.631 §135]
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