369.244. Association may purchase, convey or manage property in which it has a security interest--time limitation.
Association may purchase, convey or manage property in which it has asecurity interest--time limitation.
369.244. 1. An association may purchase at any sale,public or private, any real or personal property upon which ithas a mortgage, judgment, deed of trust, pledge, lien or otherencumbrance or in which it has any interest, and it may acquireany real or personal property which may be conveyed ortransferred to it in full or in partial satisfaction, dischargeor release of loans for which such property is security.
2. An association may sell, convey, lease, exchange,improve, repair, mortgage, convey in trust, pledge or encumberany real or personal property purchased or acquired by it asauthorized by subsection 1 of this section.
3. An association may invest its funds, operate a business,manage or deal in property, or take any other action overwhatever period of time may reasonably be necessary to avoid losson a loan or investment previously made or an obligationpreviously created in good faith. Said property is not to beheld by the association for a period in excess of six years,unless specifically authorized by the director of the division offinance.
(L. 1971 S.B. 3 § 48, A.L. 1994 H.B. 1165)Effective 7-6-94