Texas Finance Code 34.003 – Other Real Property
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(a) A state bank may not acquire real property except:
(1) as permitted by this subtitle or rules adopted under this subtitle;
(2) with the prior written approval of the banking commissioner; or
(3) as necessary to avoid or minimize a loss on a loan or investment previously made in good faith.
(b) With the prior written approval of the banking commissioner, a state bank may:
(1) exchange real property for other real property or personal property;
(2) invest additional money in or improve real property acquired under this subsection or Subsection (a); or
(3) acquire additional real property to avoid or minimize loss on real property acquired as permitted by Subsection (a).
Terms Used In Texas Finance Code 34.003
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) A state bank shall dispose of real property subject to this section not later than the fifth anniversary of the date the real property:
(1) was acquired except as otherwise provided by rules adopted under this subtitle;
(2) ceases to be used as a bank facility; or
(3) ceases to be a bank facility as provided by § 34.002(b).
(d) The banking commissioner on application may grant one or more extensions of time for disposing of real property if the banking commissioner determines that:
(1) the bank has made a good faith effort to dispose of the real property; or
(2) disposal of the real property would be detrimental to the bank.