§ 28-6.1-11-2 — Purchase, holding, and conveyance of real property

Indiana § 28-6.1-11-2

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 11: Real Property Holdings by Savings Banks

Text

(a) A savings bank may purchase, hold, and
convey real property as follows:
(1) As necessary for the convenient transaction of the savings
bank's business as provided in IC 28-6.1-7-12.
(2) Real property mortgaged to the savings bank in good faith for
money loaned, or upon which the savings bank purchased a
mortgage.
(3) Real property purchased:
(A) at sales upon judgments, decrees, or mortgages obtained
upon claims in favor of the savings bank; or
(B) to prevent loss upon claims held by the savings bank.
(4) Real property conveyed to the savings bank:
(A) in satisfaction of:
(i) debts constructed in the course of the bank's dealings; or
(ii) debts, notes, or mortgages purchased by or assigned to the
savings bank; or
(B) in exchange for real property conveyed to the savings bank.
(b) Real property described in subsection (a)(2) and (a)(3) of this
chapter shall be sold not more than ten (10) years after the real property
has become vested in the savings bank if the sale will bring the amount
due on account of the real property. If the real property cannot be sold
for a sufficient sum for that purpose, the department may give further
time the department considers necessary to sell the real property.

Legislative History

As added by P.L.42-1993, SEC.72.