(1) An institution that owns or holds any real estate other than as permitted in the Bank Act shall immediately charge the book value of real estate to profit and loss or otherwise remove the real estate from its books.
(2) All real estate owned or held by an institution in accordance with ORS 708A.175 (3) or (4) shall be reduced in book value by not less than five percent of its original book value per year commencing the year title is vested and continuing until the earlier of the year the real estate is disposed of or the expiration of the period such real estate may be owned or held under ORS 708A.195. Upon the expiration of the period such real estate may be owned or held under ORS 708A.195, the remaining book value shall be charged off. [1997 c.631 §193]Section: Previous 708A.555 708A.560 708A.565 708A.570 708A.575 708A.580 708A.585 708A.590 708A.595 708A.600 708A.605 708A.630 708A.635 708A.640 708A.645 Next
Last modified: August 7, 2008