North Dakota § 26.1-05-20 Limitation on purchase and conveyance of real property

North Dakota Statutes

§ 26.1-05-20 — Limitation on purchase and conveyance of real property

North Dakota·Title 26.1 Insurance·Ch. 26.1-05 Organization and Operation of Domestic Companies

A domestic insurance company may acquire, hold, and convey only the real property that has been:

1.Mortgaged to it in good faith by way of security for loans previously contracted or for moneys due to it.

2.Conveyed to it in satisfaction of debts previously contracted in the course of its dealings.

3.Purchased at sales on judgments, decrees, or mortgages obtained or made for debts previously contracted in the course of its dealings.

4.Acquired as an investment for the production of income or has been acquired to be improved or developed for an investment for the production of income as provided by law. Any company may improve real property so acquired or remodel existing improvements and exchange the real property for other real property or securities, and real property acquired by th

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A domestic insurance company may acquire, hold, and convey only the real property that
has been:
1. Mortgaged to it in good faith by way of security for loans previously contracted or for
moneys due to it.

2. Conveyed to it in satisfaction of debts previously contracted in the course of its
dealings.
3. Purchased at sales on judgments, decrees, or mortgages obtained or made for debts
previously contracted in the course of its dealings.
4. Acquired as an investment for the production of income or has been acquired to be
improved or developed for an investment for the production of income as provided by
law.
Any company may improve real property so acquired or remodel existing improvements and
exchange the real property for other real property or securities, and real property acquired by
the exchange may be improved or the improvements remodeled.

North Dakota § 26.1-05-20 (Limitation on purchase and conveyance of real property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.