Disposal of real estate acquired in satisfaction of debt, as part payment of consideration on sale of real estate, as gift or devise, or through merger, consolidation, or bulk reinsurance--Time limit.

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  5. Disposal of real estate acquired in satisfaction of debt, as part payment of consideration on sale of real estate, as gift or devise, or through merger, consolidation, or bulk reinsurance--Time limit.

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58-27-71. Disposal of real estate acquired in satisfaction of debt, as part payment of consideration on sale of real estate, as gift or devise, or through merger, consolidation, or bulk reinsurance--Time limit.

Except as stated in §58-27-72, the insurer shall dispose of real estate acquired under subdivisions 58-27-50(2), (3), and (4) within five years after the date of acquisition. The insurer may agree to sell such real estate by contract for deed upon the best terms obtainable.

Source: SL 1966, ch 111, ch 6, §31 (2).


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