§431:6-306  Mortgage loans and contracts. An insurer may invest any of its funds in:

(1)  (A)  Bonds or evidences of debt which aresecured by first mortgages or deeds of trust on real property located in theUnited States or Guam which meet either of the following requirements:

(i)  Improved, unencumbered real property; or

(ii)  Unimproved, unencumbered real property,only where the real property is to be improved, and the bond or evidence ofdebt is secured by a first mortgage or deed of trust on the real property andthe improvement to be made thereon.

(B)  Security interests in connection therewithpursuant to section 431:6-310;

(C)  The seller's equity in an agreement ofsale in any such property, covering the entire balance due on a bona fide saleof such property, in an amount not to exceed $15,000 or the amount permissibleunder section 431:6-105, whichever is greater, in any one such agreement ofsale, nor in any amount in excess of the following percentages of the actualsale price or fair value of the property, whichever is the smaller:

(i)  If a dwelling primarily designed for singlefamily occupancy and occupied by the purchaser under such contract,seventy-five per cent,

(ii)  In all other cases, sixty-six andtwo-thirds per cent.

(2)  Purchase money mortgages or like securitiesreceived by it upon the sale or exchange of real property acquired pursuant tosection 431:6-311.

(3)  Evidences of debt secured by mortgage or trustdeed guaranteed or insured by an agency of the United States.

(4)  Evidences of debt secured by first mortgages ordeeds of trust upon leasehold estates, running for a term of not less than fiveyears beyond the maturity of the loan as made or extended, in improved realproperty, otherwise unencumbered, and if the mortgagee is entitled to besubrogated to all the rights under the leasehold. [L 1987, c 347, pt of §2 assuperseded by c 348, §11; am L 1988, c 330, §4]