§209-31  Security for loans.  Security
for any loan when not available is not required, however, whenever property
other than personal property and inventory, is purchased with the loan funds, a
mortgage or pledge of such property shall be required as security for the
loan.  The director of business, economic development, and tourism may, in the
director's discretion, permit the mortgage or pledge to be subordinated to the
lien of a financial institution or government lending agency in the event the
subordination should become necessary for the borrower to secure additional
funds. [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]