§ 28-6.1-7-6 — Purchasing, taking, holding, and disposing of incorporated joint stock land bank notes and mortgages

Indiana § 28-6.1-7-6

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 7: Powers of a Savings Bank Subject to the Rules of the

Text

(a) A savings bank may purchase, take, hold,
and dispose of notes and mortgages securing the notes, made to any
incorporated joint stock land bank if not less than ninety-nine percent
(99%) of the stock of the joint stock land bank is owned by the savings
bank at the time the notes or mortgages are acquired by the savings
bank.
(b) Upon dissolution of the joint stock land bank, or at any stage in
the process of the dissolution, a savings bank then owning not less than
ninety-nine percent (99%) of the stock of the joint stock land bank may
take, hold, and dispose of notes, mortgages, or other assets of the joint
stock land bank of any nature, including real estate, wherever located,
that the joint stock land bank assigns, transfers, conveys, or otherwise
makes over to the savings bank by way of final or partial distribution
of the joint stock land bank's assets to the joint stock land bank's
stockholders upon the dissolution or in connection with the process of
the dissolution.
(c) An Indiana law:
(1) prescribing the nature, amount, location, or form of security;
(2) requiring security upon which loans or advances of credit may
be made;
(3) prescribing or limiting interest rates upon loans or advances
of credit;
(4) prescribing or limiting the period for which loans or advances
of credit may be made;
(5) prescribing any ratio between the amount of a loan and the
appraised value of the security for the loan; or
(6) requiring periodic reductions of the principal of a loan;
does not apply to loans, notes, mortgages, real estate, or other assets
subject to this section.

Legislative History

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