C.R.S. Section 11-105-401
Acquisition of property to satisfy indebtedness

(1)

A state bank may take property of any kind to satisfy, in whole or in part, or to protect indebtedness previously created in good faith by it. Property acquired by a state bank to apply on an indebtedness to a state bank shall be held subject to the following limitations:

(a)

Stock shall be sold within six months or such additional period not exceeding eighteen months as the banking board may allow.

(b)

Real estate may be used in the banking business, subject to the conditions prescribed by this code for property purchased for such use, or may be rented. Real estate may be put in such condition as will reasonably facilitate its sale. Unless used in the banking business, it shall be sold within fifteen years or such longer period as the banking board may allow.

(c)

Other property, the acquisition of which is not otherwise authorized by this code, shall be sold within two years or such longer period as the banking board may allow.

(d)

The property shall be entered on the books at not more than cost or fair market value, whichever is less, except as otherwise provided by the banking board. Each bank maintaining property acquired to satisfy indebtedness will obtain an initial written appraisal and subsequent appraisals as to fair market value by a qualified independent appraiser or such other person as the banking board may approve. The subsequent appraisals shall be obtained pursuant to rules of the state banking board; except that, for purposes of this subsection (1)(d), an appraisal, as defined in section 12-10-602 (1), by an appraiser certified or licensed pursuant to section 12-10-611 shall not be required on properties initially valued pursuant to this subsection (1)(d) at a value consistent with federal requirements and established pursuant to rules of the state banking board. If the appraiser or other person approved by the banking board certifies in writing the appraiser’s or other person’s opinion that the fair market value has not declined, this opinion may be substituted for a subsequent appraisal.

Source: Section 11-105-401 — Acquisition of property to satisfy indebtedness, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑105‑101
Branch banks and practices prohibited 11‑105‑102
Accounts and interest 11‑105‑103
Saturday closing - notice - effect 11‑105‑104
Minor or institutional deposits 11‑105‑105
Joint deposits - right of survivor 11‑105‑106
Final adjustment - statement of account 11‑105‑107
Adverse claim deposits 11‑105‑108
Transmitting money - foreign exchange 11‑105‑109
Temporary closing of banks - when 11‑105‑110
Disclosure of information pursuant to legal process 11‑105‑111
Trust account - limited documentation required - certificate of trust 11‑105‑112
Entity account - certificate of existence and authority - definitions 11‑105‑208
Consumer protection 11‑105‑301
Reserves against deposits 11‑105‑302
Loans, acceptances, investments, and letters of credit 11‑105‑303
Corporate powers - interest and charges 11‑105‑304
Bank investments - customers’ orders 11‑105‑305
Acceptances - letters of credit 11‑105‑401
Acquisition of property to satisfy indebtedness 11‑105‑402
Banking property - acquisition 11‑105‑403
Sale of assets 11‑105‑404
Pledge of assets 11‑105‑405
Signature guaranty 11‑105‑501
Safe deposit boxes - leasing and subsidiary company 11‑105‑502
Access by fiduciaries 11‑105‑503
Lease to minor 11‑105‑504
Death of lessee - procedure 11‑105‑505
Adverse claims to safe deposit box 11‑105‑506
Annual fees 11‑105‑601
Legislative declaration 11‑105‑602
Financial branches allowed - conversion of financial institutions to branches - acquisitions 11‑105‑603
Financial institutions - common powers and limitations 11‑105‑604
Subsidiary depository institutions as agent 11‑105‑605
Rule-making by banking board and financial services board 11‑105‑606
Notice of branch closing
Green check means up to date. Up to date

Current through Fall 2024

§ 11-105-401’s source at colorado​.gov