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



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



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



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