Such association may purchase, hold, lease and convey real estate or stock for the following purposes and no others: (1) Such real estate as it may need to occupy as a place of business; (2) Such as shall in good faith be conveyed to it in satisfaction of debts contracted in the ordinary course of business; (3) Such as it shall purchase at sales under judgments, decrees or mortgages held by the association, or shall purchase in good faith to secure debts due; (4) Such as it shall in good faith acquire as a part of the consideration for the sale or exchange of real estate owned by it; (5) Such as shall be acquired in salvaging the value of property owned by the association; and (6) Such as is permitted building and loan service corporations under section 8-320.01 . Nothing in this section shall be construed to forbid the mortgaging of real estate to such associations.
Neb. Rev. Stat. § 8-325
Real estate; acquisition and disposal; powers; limitations
Laws 1899, c. 17, § 9, p. 89; R.S.1913, § 494; Laws 1919, c. 190, tit
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.