2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.1. SAVINGS BANKS CHAPTER 11. REAL PROPERTY HOLDINGS BY SAVINGS BANKS
Download as PDF
IC 28-6.1-11
Chapter 11. Real Property Holdings by Savings Banks
IC 28-6.1-11-1
Application of chapter
Sec. 1. A savings bank may purchase and sell real property only
as provided in this chapter.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-11-2
Purchase, holding, and conveyance of real property
Sec. 2. (a) A savings bank may purchase, hold, and convey real
property as follows:
(1) As necessary for the convenient transaction of the savings
bank's business as provided in IC 28-6.1-7-12.
(2) Real property mortgaged to the savings bank in good faith
for money loaned, or upon which the savings bank purchased a
mortgage.
(3) Real property purchased:
(A) at sales upon judgments, decrees, or mortgages obtained
upon claims in favor of the savings bank; or
(B) to prevent loss upon claims held by the savings bank.
(4) Real property conveyed to the savings bank:
(A) in satisfaction of:
(i) debts constructed in the course of the bank's dealings;
or
(ii) debts, notes, or mortgages purchased by or assigned to
the savings bank; or
(B) in exchange for real property conveyed to the savings
bank.
(b) Real property described in subsection (a)(2) and (a)(3) of this
chapter shall be sold not more than ten (10) years after the real
property has become vested in the savings bank if the sale will bring
the amount due on account of the real property. If the real property
cannot be sold for a sufficient sum for that purpose, the department
may give further time the department considers necessary to sell the
real property.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-11-3
Limitation on investments; investments in holding corporations
Sec. 3. (a) Except with the approval of the department, the sum
invested in real property used for the convenient transaction of
business may not exceed fifty percent (50%) of the unimpaired
capital stock, surplus, and retained earnings of the savings bank.
(b) The investment may be made in the stock of a corporation
organized to own and hold the real property occupied and used
wholly or in part by the savings bank.
As added by P.L.42-1993, SEC.72.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
