{"data":{"id":"us-nc/n.c.-gen.-stat.-53-341","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-341","heading":"Other real estate.","body":"(a)\tA State trust company shall not acquire real estate other than a State trust company facility for its own account except:\n(1)\tSecuritized interests in real estate and obligations secured by real estate;\n(2)\tAs necessary to avoid or minimize a loss on an investment previously made in good faith; or\n(3)\tAs provided by rules, orders, or declaratory rulings of the Commissioner.\n(b)\tTo the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section or under G.S. 53-340, a State trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve such real estate, or acquire additional real estate.\n(c)\tExcept as provided in subsection (d) of this section, a State trust company shall dispose of any real estate acquired as permitted by subdivision (2) of subsection (a) of this section or under G.S. 53-340:\n(1)\tIn the case of real estate acquired under subdivision (2) of subsection (a) of this section, on or before the fifth anniversary of:\na.\tThe date it was acquired; or\nb.\tThe date it ceases to be used as a State trust company facility if it began to be so used after its acquisition.\n(2)\tIn the case of real estate acquired under G.S. 53-340, on or before the third anniversary of the date it ceases to be a State trust company facility as provided by G.S. 53-340.\n(d)\tThe Commissioner may grant one or more extensions of time for disposing of real estate if the Commissioner determines that:\n(1)\tThe State trust company has made a good faith effort to dispose of the real estate and has been unable to do so on reasonably advantageous terms; or\n(2)\tDisposal of the real estate otherwise would be detrimental to the State trust company. (2001-263, s. 1.)","path":["Chapter 53. Regulation of Financial Services.","Article 24. Trust Companies and Interstate Trust Business.","Part 3. State Trust Company Charter Act."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-341.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"bcafeca54f0884b8e1826f31050ebd7dc08039335532f5f60ad8abc3376b0574","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-340","next":"us-nc/n.c.-gen.-stat.-53-342"},"notice":"GroundRules: Original legal text. Not legal advice."}