DEBT SECURITIES FOR DEBTS PREVIOUSLY CONTRACTED

(1) Debt securities received by a bank in good faith, in satisfaction of debts previously contracted, are not subject to the limitations of applicable sections of ARM 2.59.1601 through 2.59.1606 , if the book value of such obligations in excess of the limitations of the rule is reduced to the amount allowed within six months after the date the obligations are acquired. Authorizing statute(s): Sec. 32-1-433 , MCA Implementing statute(s): Sec. 32-1-424 , 32-1-433 , MCA History: NEW, 2002 MAR p. 166, Eff. 2/1/02.