(a) A state trust company may not acquire real estate except:
(1) As permitted by § 23-51-121 or as otherwise provided by this chapter, including regulations adopted under this chapter;
(2) If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or
(3) With the prior written approval of the Bank Commissioner.
(b) To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section, a state trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this subsection or subsection (a) of this section, or acquire additional real estate.
(c) A state trust company shall dispose of any real estate subject to subdivisions (a)(1) and (2) of this section not later than:
(1) The fifth anniversary of the date:
(A) It was acquired, except as otherwise provided by regulations adopted under this chapter; or
(B) It ceases to be used as a state trust company facility; or
(2) The third anniversary of the date it ceases to be a state trust company facility as provided by § 23-51-121(c).
(d) The commissioner on application may grant one (1) or more extensions of time for disposing of real estate if the commissioner determines that:
(1) The state trust company has made a good faith effort to dispose of the real estate; or
(2) Disposal of the real estate would be detrimental to the state trust company.
Section: Previous 23-51-115 23-51-116 23-51-117 23-51-118 23-51-119 23-51-120 23-51-121 23-51-122 23-51-123 23-51-124 23-51-125 23-51-126 23-51-127 23-51-128 23-51-129 NextLast modified: November 15, 2016