§ 23B.18.020. Mortgage foreclosure
Such nonadmitted organizations shall have the right to foreclose such mortgages under the laws of this state or to receive voluntary conveyance in lieu of foreclosure, and in the course of such foreclosure or of such receipt of conveyance in lieu of foreclosure, to acquire the mortgaged property, and to hold and own such property and to dispose thereof. Such nonadmitted organizations however, shall not be allowed to hold, own, and operate said property for a period exceeding five years. In the event said nonadmitted organizations do hold, own, and operate said property for a period in excess of five years, it shall be forthwith required to appoint an agent as required by RCW 23B.15.070 for foreign corporations doing business in this state.
[1989 c 165 § 192.]
Sections: Previous 23B.18.010 23B.18.020 23B.18.030 23B.18.040 23B.18.050 23B.18.060 NextLast modified: April 7, 2009