A savings bank may purchase, hold, or convey land sold upon foreclosure of mortgages owned by it, or upon judgments or decrees in its favor, or in settlement of debts, or received in exchange as part of the consideration of real estate sold by it. Real estate so received in exchange shall not be carried on the books of the bank at a price exceeding the cost of that exchanged, less the cash payment, and all real estate so acquired shall be sold within ten years after its acquirement, unless the time is extended by the commissioner of commerce on application of the board of directors.
(7713) RL s 3021; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1995 c 171 s 40
Structure Minnesota Statutes
Section 50.001 — Application For Certificate Of Authority; Procedure.
Section 50.01 — Expediency Ascertained.
Section 50.04 — Bonds Of Trustees Or Directors.
Section 50.05 — Bonds Of Officers And Employees.
Section 50.11 — Securities Held For Safekeeping; Safe Deposit Boxes; Limitation Of Liability.
Section 50.14 — Authorized Securities.
Section 50.145 — Authorized Investments; General Authority.
Section 50.146 — Authorized Investments; Corporations.
Section 50.1465 — Authorized Investments; Service Corporations.
Section 50.147 — Authorized Investments; Student Loans.
Section 50.148 — Authorized Investments; Manufactured Home Loans.
Section 50.1485 — Lending Authority.
Section 50.155 — Purchase Of Certain Mortgage Loans.
Section 50.17 — Deposit Accounts.
Section 50.171 — Treasury Tax And Loan Accounts Of The United States.
Section 50.175 — Negotiable Order Of Withdrawal Account.
Section 50.18 — Method Of Determining Surplus.
Section 50.19 — Reports To The Commissioner.
Section 50.20 — Report To Show Liabilities.
Section 50.212 — Savings Bank Regulation.
Section 50.24 — Existing Banks Conformed; Exceptions.
Section 50.245 — Branches; Acquisitions.
Section 50.25 — Banks Organized Under The Laws Of Minnesota; Capital Stock; Amendment Of Articles.