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NCUA opines on abandoned real estate sales requirements
ALEXANDRIA, Va. (8/6/09)--Federal credit unions that list abandoned properties that are under their possession as “for sale” through a real estate broker and/or a real estate listing service will meet portions of the National Credit Union Administration’s (NCUA) fixed asset rule that require FCUs to publicly advertise their abandoned properties for four years after they are acquired, according to a recent NCUA legal opinion letter. Under the NCUA rules, abandoned property refers to “real property an FCU is no longer using” and can include property that was purchased by the FCU with the intention of expanding the financial institution, NCUA Associate General Counsel Sheila Albin wrote. The rule, which generally limits FCUs investment practices in fixed assets, specifically requires FCUs to publicly advertise any property that has been abandoned for four years and requires that property to be sold within five years. However, Albin wrote, the NCUA can grant extensions to FCUs. The rule also requires FCUs to “make diligent efforts to dispose of and seek fair market value for abandoned property,” some of which could be beyond the scope of simply listing the property with public signage or with an agent. To read the complete letter, use the resource link.
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