Conn. Gen. Stat. § 38a-81: (Formerly Sec. 38-132). Sale of property taken for debts.

In any case in which any domestic life insurance company has legally acquired, in payment of a debt previously contracted, any property, real or personal, situated in this state or elsewhere, such company may, upon the sale of such property, take in payment or part payment thereof the stocks or bonds of any company or corporation purchasing such property.