[§201H-103]  Loans to lenders program;collateral security.  (a)  Loans made to mortgage lenders shall beadditionally secured by a pledge of a lien upon collateral security in anamount as the corporation deems necessary to assure the payment of the principalof and interest on the loans as they become due.

(b)  The corporation shall determine the natureand type of collateral security required.

(c)  A statement designating the collateralsecurity pledged, the mortgage lender pledging the collateral, and thecorporation's interest in the pledged collateral may be filed with the bureauof conveyances.  Where a statement has been filed, no possession, furtherfiling, or other action under any state law shall be required to perfect anysecurity interest which may be deemed to have been created in favor of thecorporation.  The mortgage lender shall be deemed the trustee of an expresstrust for the benefit of the corporation in all matters relating to the pledgedcollateral.

(d)  Subject to any agreement with the holdersof its bonds, the corporation may collect, enforce the collection of, andforeclose on any collateral securing its loans to mortgage lenders.  Thecorporation may acquire, take possession of, sell at public or private salewith or without bidding, or otherwise deal with the collateral to protect itsinterests. [L 2006, c 180, pt of §4]