Oregon Statutes 708A.195 – Disposition of real and personal property
(1) An institution shall promptly dispose of real and personal property that the institution may not own or hold under the Bank Act.
Terms Used In Oregon Statutes 708A.195
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Personal property: All property that is not real property.
(2) An institution shall sell or exchange real estate that the institution acquires in accordance with ORS § 708A.175 (3) and (4) 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 receives 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 the institution takes 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; 2015 c.244 § 41]
[1997 c.631 § 136; 2001 c.191 § 53; 2001 c.377 § 48; repealed by 2003 c.363 § 16]