Mississippi § 81-27-5 - 002.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-27-5 — 002., with citation guidance and answers to common questions.
§ 81-27-5. 002.
A state trust company may not acquire real estate except: As permitted by Section 81-27-5.001 or as otherwise provided by this chapter, including rules or regulations adopted under this chapter; If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or With the prior written approval of the commissioner. To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section, a state trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this subsection or subsection (a) of this section, or acquire additional real estate. A state trust company shall dispose of any real estate subject to subsection (a)(1) and (2) of this section not later than: The fifth anniversary of the date: It was acquired, except as otherwise provided by rules or regulations adopted under this chapter; or It ceases to be used as a state trust company facility; or The third anniversary of the date it ceases to be a state trust company facility as provided by Section 81-27-5.001(c). The commissioner on application may grant one or more extensions of time for disposing of real estate if the commissioner determines that: The state trust company has made a good faith effort to dispose of the real estate; or Disposal of the real estate would be detrimental to the state trust company.
Frequently Asked Questions About Mississippi § 81-27-5
What does Mississippi Code of 1972 Annotated § 81-27-5 cover?
Section 81-27-5 ("002.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 81-27-5?
A common citation format is "Mississippi Code of 1972 Annotated § 81-27-5" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 81-27-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.