48-102-302 - Debt incurred for purchase or improvement of realty.
48-102-302. Debt incurred for purchase or improvement of realty.
(a) All such lodges have the power to issue evidences of indebtedness, bearing legal interest, secured by a mortgage or deed of trust on the real estate, for the purpose of purchasing a suitable building or buildings for hall purposes or of erecting a building or hall upon their lots, or for the purpose of converting a building or buildings into a suitable hall, or for the purpose of improving or repairing the same, or furnishing the same, or for the purchasing and paying for grounds for burial purposes. All of the lodges which shall issue evidences of indebtedness under the provisions of this part are empowered to execute a mortgage or deed of trust upon the real estate to secure and make certain the payment of the indebtedness thereby secured.
(b) Such lodges are further empowered, through their proper officials, to execute a mortgage or deed of trust upon any real estate owned by them for the purpose of borrowing money to purchase ground for such burial place, or ground for erecting or remodeling, improving, or repairing a building suitable for hall purposes, as provided for in this part, or for repairing or improving the same whenever it may become necessary, or to secure the payment of any indebtedness already contracted for, as authorized under the terms of this part.
[Acts 1905, ch. 141, § 2; Shan., § 2577a2; Code 1932, § 4417; T.C.A. (orig. ed.), §§ 48-1517, 48-4-302.]