Sec 6-454. Appraisal of real estate owned

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At the time of acquisition by purchase, foreclosure or otherwise, an association shall cause to be appraised, in the manner, and by appraisers appointed in accordance with section 6-457, each parcel of real estate acquired and shall keep a signed copy of such appraisal in its records. An association shall not carry real estate on its books for a sum in excess of the total amount actually invested by the association on account of such real estate, including reasonable advances, costs and improvements, but excluding accrued and uncollected interest.

                    
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