§209-31  Security for loans.  Securityfor any loan when not available is not required, however, whenever propertyother than personal property and inventory, is purchased with the loan funds, amortgage or pledge of such property shall be required as security for theloan.  The director of business, economic development, and tourism may, in thedirector's discretion, permit the mortgage or pledge to be subordinated to thelien of a financial institution or government lending agency in the event thesubordination should become necessary for the borrower to secure additionalfunds. [L 1961, c 189, §17; Supp, §98P-17; HRS §209-31; am L 1976, c 205,§1(2); gen ch 1985; am L 1987, c 336, §7; am L 1990, c 293, §8]