§ 53-341. Other real estate. - North Carolina Statutes

§ 53‑341.  Other realestate.

(a)        A State trustcompany shall not acquire real estate other than a State trust company facilityfor its own account except:

(1)        Securitizedinterests in real estate and obligations secured by real estate;

(2)        As necessary toavoid or minimize a loss on an investment previously made in good faith; or

(3)        As provided byrules, orders, or declaratory rulings of the Commissioner.

(b)        To the extentreasonably necessary to avoid or minimize loss on real estate acquired aspermitted by subsection (a) of this section or under G.S. 53‑340, a Statetrust company may exchange real estate for other real estate or personalproperty, invest additional funds in or improve such real estate, or acquireadditional real estate.

(c)        Except as providedin subsection (d) of this section, a State trust company shall dispose of anyreal estate acquired as permitted by subdivision (2) of subsection (a) of thissection or under G.S. 53‑340:

(1)        In the case of realestate acquired under subdivision (2) of subsection (a) of this section, on orbefore the fifth anniversary of:

a.         The date it wasacquired; or

b.         The date it ceasesto be used as a State trust company facility if it began to be so used afterits acquisition.

(2)        In the case of realestate acquired under G.S. 53‑340, on or before the third anniversary ofthe date it ceases to be a State trust company facility as provided by G.S. 53‑340.

(d)        The Commissionermay grant one or more extensions of time for disposing of real estate if theCommissioner determines that:

(1)        The State trustcompany has made a good faith effort to dispose of the real estate and has beenunable to do so on reasonably advantageous terms; or

(2)        Disposal of the realestate otherwise would be detrimental to the State trust company. (2001‑263, s. 1.)