Security of Loans. Mortgages

Any loan in excess of Five Thousand Dollars ($5,000) shall be secured by duly recorded first mortgage upon any of the following property within the territory: (1) Fee simple farmland. (2) Leaseholds of farmland where the lease has an unexpired term of at least two (2) years longer than the term of loan. (3) Crops, livestock and equipment. (4) Other chattels. SOURCE: GC § 12010.3 added by P.L. 11-119. Amended by P.L. 20- 105:1 (1989). NOTE: P.L. 20-105:3, an appropriation, also states, with regard to the Fund: In addition, the Fund shall consist of all moneys received from any person or organization as compensation for services rendered or facilities supplied, and all proceeds realized from the sale or other disposition of any equipment or supplies purchased with moneys from the Fund.