W. Va. Code R. § 106-18-2
Current through Register Vol. XLI, No. 50, December 13, 2024
Section 106-18-2 - Definitions2.1. "Fair Value" means the amount, minus estimated expenses to sell, that the bank could reasonably expect to receive for the property in a current sale between a willing buyer and a willing seller, other than in a forced or liquidation sale.2.2. "Cost" means the amount paid by the bank to purchase the property minus depreciation if the property is held for use by the bank and is not an asset held for sale; and means the amount actually paid by the bank to obtain the property at foreclosure plus the bank's unpaid loan balance, or in the event the property is surrendered by deed or otherwise obtained by the bank in satisfaction of debt previously contracted, the amount of the unpaid loan balance when the property is held for sale.2.3. "Other Real Estate Owned" or "OREO" means real estate obtained by a financial institution as a result of a loan default or repayment of debt or otherwise and which is held for sale; and includes all such property so designated in accordance with Generally Accepted Accounting Principals (GAAP).2.4. "Financial Institution" means those institutions defined as such in W. Va. Code '31A-1-2(1).2.5. "Affiliate" means those persons or entities defined as such in W. Va. Code '31A-8-3(b).W. Va. Code R. § 106-18-2