§ 6.1-194.5. State association may purchase, convey or manage property in which it has a security interest; tim...
A. A state association may purchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien or other encumbrance or in which it has any interest. It may acquire any real or personal property which may be conveyed or transferred to it in full or partial satisfaction, discharge or release of loans for which such property is security.
B. An association may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge or encumber any real or personal property purchased or acquired by it as authorized by subsection A of this section.
C. An association may invest its funds, operate a business, manage or deal in property when any of these actions are reasonably necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith. Such property or business is not to be held or operated by the association for a period in excess of six years, unless specifically authorized by the Commissioner.
(Code 1950, §§ 6-201.15, 6.1-142, 6.1-195.16; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1985, c. 425.)
Sections: Previous 6.1-194.1 6.1-194.2 6.1-194.3 6.1-194.4 6.1-194.5 6.1-194.6 6.1-194.7 6.1-194.8 6.1-194.9 6.1-194.10 6.1-194.11 6.1-194.12 6.1-194.13 6.1-194.14 6.1-194.15 NextLast modified: April 2, 2009