Missouri Laws 362.423 – Foreign banks or foreign or federally chartered loan associations may ..
Terms Used In Missouri Laws 362.423
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- Statute: A law passed by a legislature.
Any foreign banking corporation or foreign or federally chartered savings and loan association, including, but not by way of limitation, trust companies, mutual savings banks and national banking associations, may, without complying with sections 362.430, 362.435 and 362.440 relating to transaction of business in this state by a foreign banking corporation or with section 369.580, relating to transaction of business in this state by a foreign savings and loan association, or without becoming licensed to do business in this state under any other statute of this state, acquire indebtedness in this state secured, with or without other security, by mortgage or deed of trust on real estate situated in this state, and hold, collect and enforce the same within this state. Any such foreign banking corporation or foreign or federally chartered savings and loan association may take, acquire, hold, collect and enforce all notes and security instruments evidencing or securing such loans or indebtedness, and its activity in this state in purchasing, holding, servicing, collecting or enforcing such loans or indebtedness shall not constitute the doing of business by it in this state within the meaning of any law of this state. If tender of payment of all or any portion of such indebtedness is made in accordance with the terms of the note and security instruments evidencing such indebtedness to any institution or other agent in Missouri designated by such foreign banking corporation or foreign or federally chartered savings and loan association to represent it in collecting such indebtedness, interest upon the amount so tendered shall not accrue after the date of the tender. Nothing in this section contained shall be construed as authorizing any such corporation or association to transact the general business of a bank or trust company or savings and loan association in this state without compliance with all applicable laws, or authorize any such corporation to hold real estate taken in payment of a debt by foreclosure or otherwise longer than the period provided by law for domestic corporations.