California Financial Code

§ 18040

FIN § 18040Div. 7 · Ch. 1 · Art. 3

Statute text

An industrial loan company may purchase, hold and convey real property for the following purposes only:

(a)Real property conveyed to it in satisfaction of debts previously contracted in the course of its business.

(b)Real property purchased at sale under judgments, decrees or mortgage foreclosures or foreclosures of or trustees’ sales under deeds of trust under securities held by it. No company shall bid at any such sale a larger amount than is necessary to satisfy its debt and costs.

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Legislative history

Amended by Stats. 1989, Ch. 663, Sec. 3. Operative January 1, 1991, by Sec. 20 of Ch. 663.