26-701. INVESTMENT OF FUNDS — CERTAIN LOANS PROHIBITED. No bank shall employ its moneys, directly or indirectly, in trade or commerce, by buying and selling goods, chattels, wares and merchandise, except to the extent national banks are so authorized if approved by the director. A bank may hold and sell all kinds of property which may come into its possession as collateral security for loans, or any ordinary collection of debts, as prescribed by law. Any goods, chattels, wares or merchandise coming into the possession of any bank as collateral security or as a result of collection of debts shall be disposed of as soon as possible and shall not be considered as a part of the bank’s assets after the expiration of two (2) years from the date of acquirement. The words "goods and chattels" as used in this section shall not be construed to include bonds and securities.
History:
[26-701, added 1979, ch. 41, sec. 2, p. 87; am. 1993, ch. 53, sec. 3, p. 141.]
Structure Idaho Code
Chapter 7 - LIMITATIONS ON LOANS, INVESTMENTS, AND PRACTICES
Section 26-701 - INVESTMENT OF FUNDS — CERTAIN LOANS PROHIBITED.
Section 26-703 - REAL ESTATE LOANS.
Section 26-704 - DETERMINATION OF LIMITS OF LOANS AND INVESTMENTS OF BANKS.
Section 26-705 - LOANS TO ONE PERSON.
Section 26-706 - LOANS TO OFFICERS AND DIRECTORS.
Section 26-707 - REAL ESTATE HOLDINGS.
Section 26-708 - VALUATION OF ASSETS.
Section 26-709 - STATUTORY BAD DEBT.
Section 26-710 - OWNERSHIP AND LEASING OF PROPERTY FOR CUSTOMERS.
Section 26-711 - LENDING OF CREDIT — SURETYSHIP AND GUARANTYSHIP.
Section 26-712 - VALIDITY OF TRANSACTIONS.
Section 26-713 - ADVERSE CLAIM TO BANK DEPOSIT.
Section 26-714 - ACCOUNT OF PERSON UNDER DISABILITY.
Section 26-715 - BRANCH OR OFFICE AT WHICH INSTRUMENTS ARE TO BE PRESENTED MUST BE INDICATED.