(1) The following shall be admitted assets: (a) Such real estate as has been mortgaged to the company in good faith, by way of security for loans or for money due it; (b) Such real estate as is conveyed to the company in good faith in satisfaction of debts previously contracted in the course of its business; (c) Such real estate as is purchased at sales under execution issued on judgments and decrees based upon debts due, or at foreclosure sales under mortgages or deeds of trust owned or held by the company or obtained by redemption as junior judgment creditor or mortgagee.
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