State Codes and Statutes
Statutes > Missouri > T24 > C362 > 362_423Foreign banks or foreign or federally chartered loan associations mayacquire and enforce indebtedness secured by property in this state.
362.423. Any foreign banking corporation or foreign orfederally chartered savings and loan association, including, butnot by way of limitation, trust companies, mutual savings banksand national banking associations, may, without complying withsections 362.430, 362.435 and 362.440 relating to transaction ofbusiness in this state by a foreign banking corporation or withsection 369.580, RSMo, relating to transaction of business inthis state by a foreign savings and loan association, or withoutbecoming licensed to do business in this state under any otherstatute of this state, acquire indebtedness in this statesecured, with or without other security, by mortgage or deed oftrust on real estate situated in this state, and hold, collectand enforce the same within this state. Any such foreign bankingcorporation or foreign or federally chartered savings and loanassociation may take, acquire, hold, collect and enforce allnotes and security instruments evidencing or securing such loansor indebtedness, and its activity in this state in purchasing,holding, servicing, collecting or enforcing such loans orindebtedness shall not constitute the doing of business by it inthis state within the meaning of any law of this state. Iftender of payment of all or any portion of such indebtedness ismade in accordance with the terms of the note and securityinstruments evidencing such indebtedness to any institution orother agent in Missouri designated by such foreign bankingcorporation or foreign or federally chartered savings and loanassociation to represent it in collecting such indebtedness,interest upon the amount so tendered shall not accrue after thedate of the tender. Nothing in this section contained shall beconstrued as authorizing any such corporation or association totransact the general business of a bank or trust company orsavings and loan association in this state without compliancewith all applicable laws, or authorize any such corporation tohold real estate taken in payment of a debt by foreclosure orotherwise longer than the period provided by law for domesticcorporations.
(L. 1953 p. 263 § 1, A.L. 1965 p. 562)
