2011 Oregon Revised Statutes
ORS Volume 16, Chapters 705 - 752
ORS Chapter 708a
708A.195 Disposition of real and personal property.
(1) An institution shall promptly dispose of real and personal property that the institution is not authorized to own or hold under the Bank Act.
(2) Real estate acquired by an institution pursuant to ORS 708A.175 (3) and (4) shall be sold or exchanged for other real estate within 10 years after title has vested in the real estate, unless the Director of the Department of Consumer and Business Services extends the time. Title vests for purposes of this section on the date the institution is first entitled to receive a deed to the real estate. An institution may not exchange real estate for other real estate without the director s prior written consent. An institution may hold real estate taken in exchange for other real estate for a period of time that the director fixes, not to exceed 10 years from the date of the exchange.
(3) An institution shall promptly dispose of personal property the institution acquires under ORS 708A.175 (3). [1997 c.631 135; 2011 c.478 2]
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