673.279 - Purchases of real property contracts; conditions. - Nevada Statutes

673.279  Purchases of real property contracts; conditions.  An association may invest its funds in the purchase of real property contracts under the following conditions only:

      1.  That it must acquire the merchantable title to the property covered by such contracts.

      2.  That the type of property be such as would be eligible for a mortgage or deed of trust loan under this chapter.

      3.  Before making any such purchase, the property shall be appraised and the purchase approved, as in the case of deed of trust loans, by the board or the executive committee of the association.

      (Added to NRS by 1957, 761)