§ 42-116-23 - Certain agreements.
SECTION 42-116-23
§ 42-116-23 Certain agreements. – No agreement which tends to diminish or defeat the interest of the corporationin any asset acquired by it under this chapter is valid against the corporationunless the agreement:
(1) Is in writing;
(2) Was executed by the eligible institution and any personclaiming an adverse interest thereunder, including the obligor,contemporaneously with the acquisition of the asset by the eligible institution;
(3) Was approved by the board of directors of the eligibleinstitution or its loan committee; which approval is reflected in the minutesof the board or committee; and
(4) Has been, continuously, from the time of its execution,an official record of the eligible institution.