Nevada Revised Statutes 673.332 – Property acquired at or by foreclosure or developed by savings bank
1. A savings bank may hold, manage and convey real property, including apartments and other buildings:
Terms Used In Nevada Revised Statutes 673.332
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Acquired at or by foreclosure of the real property or a conveyance in lieu of foreclosure; or
(b) Developed or built by the savings bank. Unless the savings bank has received a written waiver from the Commissioner, the total of money which it has advanced or committed for property which it has developed or built may not exceed twice the sum of its capital, surplus, undivided profits, loan reserve, federal insurance reserve and any other reserves specified by the Commissioner.
2. When a savings bank acquires title to any real property pursuant to subsection 1, the document representing the transaction must be recorded. This subsection does not require recordation of the evidences of any transfer of stock resulting from foreclosure of an interest in a cooperative housing corporation.