Montana Code Annotated 1995

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     33-2-841. Time limit for disposal of real estate -- extension. (1) Except as stated in subsection (3), the insurer shall dispose of real estate acquired under 33-2-832(1) within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.
     (2) Except as stated in subsection (3), the insurer shall dispose of real estate acquired under subsections (2), (3), and (4) of 33-2-832 within 5 years after the date of acquisition.
     (3) Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale thereof, the commissioner may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate unless the insurer elects to hold such real estate as an investment for income purposes under 33-2-832(6), in which event thereafter such real estate shall be deemed to have been acquired at a cost equal to its book value at the time of such election and to be held under and subject to the provisions of such subsection (6).

     History: En. Sec. 126, Ch. 286, L. 1959; R.C.M. 1947, 40-3129.

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