§ 19-3-7 - Holding or ownership of real estate. - Rhode Island Statutes

SECTION 19-3-7

   § 19-3-7  Holding or ownership of realestate. – (a) Any financial institution may directly or indirectly purchase, own, orotherwise acquire interests in real estate, improved or unimproved, andimprove, develop, redevelop, hold, and manage the real estate and anyimprovements on it, and mortgage, rent, lease, option, sell, or otherwisedispose of it and/or any interest in it; provided, however, that no financialinstitution shall invest more than five percent (5%) of its assets ininvestments authorized in this subsection. This limitation excludes real estateowned, held, or leased for the convenient transaction of the financialinstitution's business.

   (b) A financial institution may hold real estate acquired bythe foreclosure of a mortgage owned by it, or by purchase at sales made underthe provisions of the mortgage, or upon judgments for debts due to it, or insettlements effected to secure debts. All this real estate shall be sold by thefinancial institution within five (5) years after the title is vested in it,unless the time is extended as provided in the case of non-legal investments.