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23-51-122. Other real estate.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-122. Other real estate.
(a) A state trust company may not acquire real estate except:
(1) As permitted by § 23-51-121 or as otherwise provided by this chapter, including rules adopted under this chapter;
(2) If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or
(3) With the prior written approval of the Bank Commissioner.
(b) To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section, a state trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this subsection or subsection (a) of this section, or acquire additional real estate.
(c) A state trust company shall dispose of any real estate subject to subdivisions (a)(1) and (2) of this section not later than:
(1) The fifth anniversary of the date:
(A) It was acquired, except as otherwise provided by rules adopted under this chapter; or
(B) It ceases to be used as a state trust company facility; or
(2) The third anniversary of the date it ceases to be a state trust company facility as provided by § 23-51-121(c).
(d) The commissioner on application may grant one (1) or more extensions of time for disposing of real estate if the commissioner determines that:
(1) The state trust company has made a good faith effort to dispose of the real estate; or
(2) Disposal of the real estate would be detrimental to the state trust company.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-122
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-51-122
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bc7cbd55b02ed34191252c0d162d44a8ec061aa468426627e262c428ac99c0fa
Source location: content.xml paragraph 25571
Stored source content
23-51-122. Other real estate.
(a) A state trust company may not acquire real estate except:
(1) As permitted by § 23-51-121 or as otherwise provided by this chapter, including rules adopted under this chapter;
(2) If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or
(3) With the prior written approval of the Bank Commissioner.
(b) To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section, a state trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this subsection or subsection (a) of this section, or acquire additional real estate.
(c) A state trust company shall dispose of any real estate subject to subdivisions (a)(1) and (2) of this section not later than:
(1) The fifth anniversary of the date:
(A) It was acquired, except as otherwise provided by rules adopted under this chapter; or
(B) It ceases to be used as a state trust company facility; or
(2) The third anniversary of the date it ceases to be a state trust company facility as provided by § 23-51-121(c).
(d) The commissioner on application may grant one (1) or more extensions of time for disposing of real estate if the commissioner determines that:
(1) The state trust company has made a good faith effort to dispose of the real estate; or
(2) Disposal of the real estate would be detrimental to the state trust company.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-121. Investment in state trust company facilities — Definition.
(a) In this chapter, “state trust company facility” means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a state trust company for the purpose of:
(1) Providing space for state trust company employees to perform their duties and space for parking by state trust company employees and customers;
(2) Conducting trust business, including meeting the reasonable needs and convenience of the state trust company's customers, computer operations, document and other item processing, maintenance and record retention and storage;
(3) Holding, improving, and occupying as an incident to future expansion of the state trust company's facilities; or
(4) Conducting another activity authorized by rules adopted under this chapter.
(b) Without the prior written approval of the Bank Commissioner, a state trust company may not directly or indirectly invest an amount in excess of its capital and surplus in state trust company facilities, furniture, fixtures, and equipment. Except as otherwise provided by rules adopted under this chapter, in computing this limitation a state trust company:
(1) Shall include:
(A) Its direct investment in state trust company facilities;
(B) Any investment in equity or investment securities of a company holding title to a facility used by the state trust company for the purposes specified by subsection (a) of this section;
(C) Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and
(D) Any indebtedness incurred on state trust company facilities by a company:
(i) Tha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-121
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-51-121. This identifies an authority to review, not proof of applicability.