362.165. Restrictions on taking and holding real estate. - Missouri Statutes

Restrictions on taking and holding real estate.

362.165. 1. All real estate, including any subsurface rights orinterests therein, purchased by any bank or trust company or taken by it inits own right in settlement of debts due it shall be conveyed to itdirectly by name and the conveyance immediately recorded in the office ofthe proper recording officer of the county or city in which the real estateis located.

2. Such real estate, rights, or interests so purchased or acquired byany bank or trust company shall be sold by it within ten years of the dateon which it shall have been acquired unless it shall be held or occupied inwhole or in part by the bank or trust company under the authority ofsection 362.105, subsection 1, subdivision (9), paragraph (a); provided,that if at any time a bank or trust company changes its location it mayhave ten years from the date of the change to sell the former location.The aggregate amount of earnings from such real estate, rights or interestsshall be separately disclosed in reports of the bank or trust company.

(RSMo 1939 § 7951, A.L. 1967 p. 445, A.L. 1983 S.B. 331, A.L. 1995 S.B. 178)

Prior revisions: 1929 § 5356; 1919 § 11739

CROSS REFERENCE:

Conveyance of realty in blighted area to urban redevelopment corporation, RSMo 353.120