§ 6-03-08 — Powers as to other real estate

North Dakota § 6-03-08

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-03: Powers, Management, and Operation of Banks

Text

Every state banking association has the power to purchase, hold, and convey other real
estate as herein provided, and not otherwise:

1. Such as is mortgaged to it in good faith by way of security for loans or for debts
previously contracted.
2. Such as is conveyed to it in good faith in satisfaction of debts previously contracted in
the course of its dealings.
3. Such as it purchases at sales under judgments, decrees, or mortgages held by the
association or purchases to secure debts due to it.
Upon transfer to other real estate owned, a current appraisal must be conducted by an
individual who is independent of the transaction. Notwithstanding other sections of this chapter,
a bank may apply to the commissioner for authority to exchange its interest in real property
acquired in satisfaction of a debt previously contracted for an interest in an entity that would
dispose of the real property. If the commissioner's decision with respect to an application is
unfavorable, the applicant bank may appeal the decision to the state banking board by filing a
notice of appeal with the commissioner within twenty business days after the commissioner has
notified the applicant bank of the decision.