§ 58-27-1. Issuance of collateral loan certificates; security.
Article27.
Title Insurance Companiesand Land Mortgage Companies Issuing Collateral Loan Certificates.
§ 58‑27‑1. Issuance of collateral loan certificates; security.
Any domestic land mortgagecompany or title insurance company having a paid‑in capital and surplusof at least two hundred thousand dollars ($200,000), may, under the supervisionand control of the Commissioner, issue collateral loan certificates, or othercertificates of indebtedness secured by the deposit of first mortgages on realestate with the Commissioner, or under his direction, or secured by the depositwith the Commissioner, or under his direction, of collateral trust bondssecured by first mortgages, the principal and interest of which said mortgagesis guaranteed by a surety company having assets of at least ten million dollars($10,000,000), upon a basis not to exceed one hundred dollars ($100.00) foreach one hundred dollars ($100.00) of liability under the collateral loancertificates or other certificates of indebtedness outstanding and secured bysuch first mortgages or collateral trust bonds. (1927, c. 204, s. 1; 1991, c.720, s. 4.)