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23-63-827. Chattel mortgages.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-827. Chattel mortgages.
(a) In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to § 23-63-826, an insurer may lend or invest an amount not exceeding twenty percent (20%) of the amount loaned on or invested in the real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five (5) years and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
(b) For the purposes of this section, the term “durable equipment” shall include only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and, in addition, in the case of apartment houses and hotels, room furniture and furnishings.
(c)(1) Prior to the acquisition of a chattel mortgage pursuant to this section, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined.
(2) No chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
(d) This section shall not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-827
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-827
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e82d653caae5dd5d3ebd42e704693e5d683993bc6790b0f17de10bc5eaf74917
Source location: content.xml paragraph 32617
Stored source content
23-63-827. Chattel mortgages.
(a) In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to § 23-63-826, an insurer may lend or invest an amount not exceeding twenty percent (20%) of the amount loaned on or invested in the real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five (5) years and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
(b) For the purposes of this section, the term “durable equipment” shall include only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and, in addition, in the case of apartment houses and hotels, room furniture and furnishings.
(c)(1) Prior to the acquisition of a chattel mortgage pursuant to this section, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined.
(2) No chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
(d) This section shall not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-826. Real estate mortgages.
(a)(1) An insurer may invest any of its funds in bonds, notes, or other evidences of indebtedness which are secured by first mortgages or deeds of trust upon improved real property located in the United States or which are secured by first mortgages or deeds of trust upon leasehold estates having an unexpired term of not less than twenty-one (21) years, inclusive of the terms which may be provided by enforceable options of renewal, in improved real property located in the United States.
(2) Investments made under this section may be effected by acquisition or by agreement to acquire, in the form of a guaranty, credit draw arrangement, or other like form.
(3) In all cases the security for the loan must be a first lien upon the real property, and there must not be any condition or right of reentry or forfeiture not insured against, under which, in the case of real property other than leaseholds, the lien can be cut off or subordinated or otherwise disturbed or under which, in the case of leaseholds, the insurer is unable to continue the lease in force for the duration of the loan.
(4) Nothing in this subsection shall prohibit any investment by reason of the existence of any prior lien for grounds rents, taxes, assessments, or other similar charges not yet delinquent.
(5) This section shall not be deemed to prohibit investment in mortgages or similar obligations when made under § 23-63-824 as to foreign securities.
(b) “Improved real estate” means all farmlands used for tillage, crop or pasture, timberlands, and all real estate on which permanent improvements suitable for residence, institutional, commercial, or industrial use are, or are being, situated.
(c)(1) No mortgage loan made or acquired by an insurer on any one (1) p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-826
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-826. This identifies an authority to review, not proof of applicability.