6-446. Other investments and powers A. An association may invest funds as follows: 1. In an account of any state or federal association, the accounts of which are insured by an insurance corporation. 2. In obligations of or fully guaranteed by the United States, in stock or obligations of federal home loan banks or in […]
6-449. General loan contract provisions A. Each loan, and any agreement for securing the same, shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality, and whenever recording of such an agreement is necessary to establish priority over the claim of any third party, the agreement shall be […]
6-450. Modification agreements The association at any time may enter into a written agreement with the borrower to modify, in any manner not inconsistent with the provisions of this chapter, the terms of a loan as to the amount, time, or method of the payments to be made, the interest rate, and any other provisions […]
6-451. Servicing of loans An association may contract to service a loan in any manner unless restricted by regulations prescribed by the deputy director and shall require sufficient compensation to reimburse the association for all expenses incurred under such contract.
6-452. Purchase of real or personal property at forced sale An association may purchase, at any sheriff’s or other judicial sale, either public or private, any real or personal property upon which the association has any mortgage, lien, or other encumbrance or in which the association has any other interest or accept a deed in […]
6-453. Purchase of real estate for office and rental purposes An association may invest in land on which to erect an office building, an office building or buildings and appurtenances, for the transaction of such association’s business, or for the transaction of such business and for rental, but no such investment may be made if […]
6-454. Appraisal of real estate owned At the time of acquisition by purchase, foreclosure or otherwise, an association shall cause to be appraised, in the manner, and by appraisers appointed in accordance with section 6-457, each parcel of real estate acquired and shall keep a signed copy of such appraisal in its records. An association […]
6-456. Effect of unauthorized investments and loans; liability of officers A. Every loan or other investment made in violation of this chapter shall be due and payable according to its terms, and the obligation thereof shall not be impaired. B. Every director or officer of an association who knowingly shall violate, participate in, or assent […]
6-457. Appraisals Every appraisal or reappraisal of property that an association is required to make shall be made as follows: 1. In accordance with the deputy director’s rules and regulations on appraisals. Each appraisal shall be filed and preserved by the association during the life of the loan. 2. In the case of an insured […]
6-458. Acknowledgments No acknowledgment of a deed, mortgage, or other instrument shall be invalid because such acknowledgment was taken before an officer authorized by the laws of this state to acknowledge conveyances, who is also a member, director, employee, or officer of an association which is a party to such deed, mortgage, or other instrument.
