524.910 Property acquired to satisfy debts previously contracted. A state bank may acquire property of any kind to secure, protect, or satisfy a loan or investment previously made in good faith. Property acquired pursuant to this section shallbe held and disposed of subject to the following conditions and limitations: 1. Shares in a corporation and other personal property, the acquisition of which is not otherwise authorized by this chapter, shall be sold or otherwise disposed of within six monthsunless the time is extended by the superintendent. 2. Real property purchased by a state bank at sales upon foreclosure of mortgages or deeds of trust owned by it, or acquired upon judgments or decrees obtained or rendered fordebts due it, or real property conveyed to it in satisfaction of debts previously contractedin the course of its business, or real property obtained by it through redemption as a juniormortgagee or judgment creditor, shall be sold or otherwise disposed of by the state bankwithin five years after title is vested in the state bank, unless the time is extended by thesuperintendent. iormortgagee or judgment creditor, shall be sold or otherwise disposed of by the state bankwithin five years after title is vested in the state bank, unless the time is extended by thesuperintendent. This deadline may be extended up to an additional five years with priorapproval of the superintendent, but in no event shall a state bank hold such property for morethan ten years. [C97, §1851; C24, 27, 31, 35, 39, §9190; C46, 50, 54, 58, 62, 66, §526.34; C71, 73, 75, 77, 79, 81, §524.910] 85 Acts, ch 252, §34; 90 Acts, ch 1245, §1; 92 Acts, ch 1161, §4; 2022 Acts, ch 1062, §90 Sat Dec 23 01:18:08 2023 Iowa Code 2024, Section 524.910 (24, 0)
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