Cal. FIN § 1321
This is the official text of Cal. FIN § 1321, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
Any real property not held for any purpose permitted by subdivisions (a) and (e) of Section 1320 shall be sold whenever the same can be sold for an amount sufficient to reimburse the bank or trust company for all loss arising out of the loan for which such real property was security or arising out of the original investment. A bank or trust company shall not by the retention of any real property acquired pursuant to this section engage in any business not authorized by this division except to the extent necessary in the orderly liquidation of an indebtedness owing to the bank.
Status: in_force · Read it on the official government site
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