Source: http://www.law.cornell.edu/uscode/text/12/29?qt-us_code_tabs=0
Timestamp: 2014-07-22 08:10:09
Document Index: 177414763

Matched Legal Cases: ['§ 29', '§ 5137', '§ 3', '§ 701', '§ 302', '§ 413', '§ 5133', '§ 5133', '§ 5137', '§ 28']

12 U.S. Code § 29 - Power to hold real property | LII / Legal Information Institute
For real estate in the possession of a national banking association upon application by the association, the Comptroller of the Currency may approve the possession of any such real estate by such association for a period longer than five years, but not to exceed an additional five years, if (1)
the association has made a good faith attempt to dispose of the real estate within the five-year period, or (2)
disposal within the five-year period would be detrimental to the association. Upon notification by the association to the Comptroller of the Currency that such conditions exist that require the expenditure of funds for the development and improvement of such real estate, and subject to such conditions and limitations as the Comptroller of the Currency shall prescribe, the association may expend such funds as are needed to enable such association to recover its total investment.
(R.S. § 5137; Feb. 25, 1927, ch. 191, § 3,44 Stat. 1227; Pub. L. 96–221, title VII, § 701(a),Mar. 31, 1980, 94 Stat. 186; Pub. L. 97–25, title III, § 302,July 27, 1981, 95 Stat. 145; Pub. L. 97–320, title IV, § 413,Oct. 15, 1982, 96 Stat. 1521.)
Title 62 of the Revised Statutes, referred to in last par., was in the original “this title” meaning title LXII of the Revised Statutes, consisting of R.S. §§ 5133 to 5244, which are classified to this section and sections 16, 21, 22 to 24a, 25a, 25b, 26, 27, 35 to 37, 39, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5133 to 5244 to the Code, see Tables.
R.S. § 5137 derived from act June 3, 1864, ch. 106, § 28,13 Stat. 107, which was the National Bank Act. See section 38 of this title.
1982—Pub. L. 97–320substituted “Notwithstanding the five-year holding limitation of this section or any other provision of title 62 of the Revised Statutes, any national banking association which on October 15, 1982, held, directly or indirectly, real estate, including any subsurface rights or interests therein, that since December 31, 1979, had not been valued on the books of such association for more than a nominal amount, may continue to hold such real estate, rights, or interests for such longer period of time as would be permitted a State chartered bank by the law of the State in which the association is located if the aggregate amount of earnings from such real estate, rights, or interests is separately disclosed in the annual financial statements of the association” for “Notwithstanding any other provision of this section, any national banking association which, on July 27, 1981, held title to and possession of real estate which was carried on the association’s books at a nominal value on December 31, 1979, may continue to hold such real estate until December 31, 1982, if the earnings from such real estate are separately disclosed in the financial statements of the association”.
1981—Pub. L. 97–25inserted provision that any national banking association which, on July 27, 1981, held title to and possession of real estate which was carried on the association’s books at a nominal value on December 31, 1979, may continue to hold such real estate until December 31, 1982, if the earnings from such real estate are separately disclosed in the financial statements of the association.
1980—Pub. L. 96–221inserted provisions relating to authorization to hold real estate in the possession of a national banking association upon application by the association.