Ohio § 1109.26
Full text of Ohio Ohio Revised Code § 1109.26, with citation guidance and answers to common questions.
§ 1109.26.
(A)(1) A state bank may own or hold for not more than five years any real estate it acquires
by foreclosure, conveyance in lieu of foreclosure, or other legal proceedings relating
to loan security interests or otherwise in satisfaction of a debt previously contracted. The superintendent of financial institutions may, upon application by a state bank,
grant the bank the power to hold the real estate for a longer time. (2) The superintendent may, at any time, require a state bank to obtain an independent
qualified appraisal of real estate the bank owns or holds in accordance with division
(A)(1) of this section. (3) Real estate sold on contract, but with title remaining in the name of the state bank,
shall not be considered real estate held by the bank for the purpose of divisions
(A)(1) and (2) of this section. (B)(1) A state bank may own or hold for not more than five years shares of companies either
acquired in securing satisfaction of a debt previously contracted in good faith or
taken on a refinancing plan involving an investment that was legal at the time it
was made. The superintendent may, upon application by a state bank, grant the bank the power
to hold the shares for a longer time. (2) The superintendent may, at any time, require a state bank to obtain an independent
qualified appraisal of the shares the bank owns or holds in accordance with division
(B) of this section. (C) The limitations set forth in this section shall not apply to real estate or shares
owned or held by a state bank affiliate, except for a company that is a subsidiary
of the state bank.
Frequently Asked Questions About Ohio § 1109.26
What does Ohio Revised Code § 1109.26 cover?
Section 1109.26 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1109.26?
A common citation format is "Ohio Revised Code § 1109.26" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1109.26 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.