6.2-1111 - (Effective October 1, 2010) Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation.

VIRGINIA STATUTES AND CODES

6.2-1111 - (Effective October 1, 2010) Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation.

§ 6.2-1111. (Effective October 1, 2010) Authority to purchase, convey ormanage property in which state savings institution has a security interest;time limitation.

A. A state savings institution may:

1. Purchase at any sale, public or private, any real estate or personalproperty upon which it has a mortgage, judgment, deed of trust, pledge, lienor other encumbrance or in which it has any interest; and

2. Acquire any real or personal property that is conveyed or transferred toit in full or partial satisfaction, discharge or release of loans for whichsuch property is security.

B. A state savings institution may sell, convey, lease, exchange, improve,repair, mortgage, convey in trust, pledge, or encumber any real or personalproperty purchased or acquired by it as authorized by subsection A.

C. A state savings institution may invest its funds in or manage or deal inproperty or invest its funds in or operate a business, when any of theseactions are reasonably necessary to avoid loss on a loan or investmentpreviously made or an obligation previously created in good faith. Suchproperty or business shall not be held or operated by the state savingsinstitution for a period in excess of six years unless specificallyauthorized by the Commissioner.

(Code 1950, § 6-201.15; 1960, c. 402; 1966, c. 584, § 6.1-142; 1972, c. 796,§ 6.1-195.16; 1985, c. 425, § 6.1-194.5; 2010, c. 794.)