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Can you summarize NERS 8-150?
BANKS AND BANKING > Banks; real estate; power to acquire and convey; limitations and conditions.
Short Summary
This legal document, governed by the Nebraska Revised Statutes under the section for Banks and Banking, pertains to the power of banks to purchase, hold, and convey real estate. Banks are allowed to acquire real estate through various means, such as pursuant to section 8-149, through debts owed to the bank, or through sales under judgments, decrees, deeds of trust, or mortgages. However, when acquiring real estate through sales, banks are prohibited from bidding more than the amount required to satisfy the judgments or decrees with costs. Real estate acquired in satisfaction of debts or through sales must be sold within five years, unless authorized by the director to hold it for a longer period. The total amount of real estate held by a bank for certain purposes should not be recorded as an asset at a value greater than the unpaid balance of debts, judgments or decrees with costs, or the appraised value of the real estate, whichever is less. Banks are allowed to utilize the acquired property in any manner authorized by the director. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Any bank
What does it govern?
Banks; real estate; power to acquire and convey; limitations and conditions
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nebraska