North Dakota § 26.1-05-21 Real property acquired by domestic company - When sale required

North Dakota Statutes

§ 26.1-05-21 — Real property acquired by domestic company - When sale required

North Dakota § 26.1-05-21

Title 26.1Insurance

Ch. 26.1-05Organization and Operation of Domestic Companies

This text of North Dakota § 26.1-05-21 (Real property acquired by domestic company - When sale required) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-05-21 (2026).

Text

All property acquired by a domestic insurance company in any manner specified in
subsections 1, 2, and 3 of section 26.1-05-20 which is not necessary for the accommodation of
the company or for the convenient transaction of its business must be sold and disposed of
within two years after the company has acquired title, and as to any property so acquired which
was necessary for the accommodation of the company or for the convenient transaction of its
business, within two years after the property has ceased to be necessary for the
accommodation of business. A company may not hold any of such property for a period longer
than is specified in this section unless it procures a certificate from the commissioner stating
that the company's interests will suffer materially by the forced sale of the

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All property acquired by a domestic insurance company in any manner specified in
subsections 1, 2, and 3 of section 26.1-05-20 which is not necessary for the accommodation of
the company or for the convenient transaction of its business must be sold and disposed of
within two years after the company has acquired title, and as to any property so acquired which
was necessary for the accommodation of the company or for the convenient transaction of its
business, within two years after the property has ceased to be necessary for the
accommodation of business. A company may not hold any of such property for a period longer
than is specified in this section unless it procures a certificate from the commissioner stating
that the company's interests will suffer materially by the forced sale of the property. If the
certificate is obtained, the time for the sale may be extended to the time the commissioner
directs in the certificate. A company may select real property acquired under subsections 1, 2,
and 3 of section 26.1-05-20 other than real property used primarily for farming and agriculture,
and hold the property as an investment for income, not exceeding the total amount permitted by
law for such purpose, and the property is not subject to the limitations of this section.