At the time of acquisition by purchase, foreclosure or otherwise, an association shall cause to be appraised, in the manner, and by appraisers appointed in accordance with section 6-457, each parcel of real estate acquired and shall keep a signed copy of such appraisal in its records. An association shall not carry real estate on its books for a sum in excess of the total amount actually invested by the association on account of such real estate, including reasonable advances, costs and improvements, but excluding accrued and uncollected interest.

Terms Used In Arizona Laws 6-454

  • Account: means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified. See Arizona Laws 6-401
  • Appraisal: A determination of property value.
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
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