Property authorized to be purchased to satisfy debts--Limitation on period of retention

A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations: (1) Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow; (2) Real property shall be sold within five years, unless an extension be granted by the director. Source: SL 1891, ch 27 , § 5; RCivC 1903, § 851; SL 1909, ch 222 , art 2, § 16; SL 1915, ch 102 , art 2, § 18; RC 1919, § 8965; SDC 1939, § 6.0410 (2), (3); SDCL, § 51-11-19; SL 1969, ch 11 , § 4.5; SL 1970, ch 265 , § 27; SL 1981, ch 346 , § 30; SL 1988, ch 377 , § 85; SDCL, § 51-18-5. 51A-4-11. Repealed by SL 2014, ch 47 , § 17.