N.D. Cent. Code § 6-03-08

Current through 2023 Legislative Sessions

Section 6-03-08 - Powers as to other real estate

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.

N.D.C.C. § 6-03-08

Amended by S.L. 2011, ch. 76 (SB 2096),§ 3, eff. 8/1/2011.