6-454. Appraisal of real estate owned
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.
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