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



(1)  (A)  Bonds or evidences of debt which are
secured by first mortgages or deeds of trust on real property located in the
United 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 of
debt is secured by a first mortgage or deed of trust on the real property and
the improvement to be made thereon.



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



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



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



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



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



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



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superseded by c 348, §11; am L 1988, c 330, §4]