§431:6-309  Appraisal; insurance; limit. (a)  The fair value of property shall be determined by appraisal by a competentappraiser at the time of the making or acquiring of a mortgage loan orinvesting in a contract for the deed thereon.

(b)  Buildings and other improvements locatedon the mortgaged premises shall be kept insured for the benefit of themortgagee against loss or damage from fire in an amount not less than theunpaid balance of the obligation, or the insurable value of the property, whicheveris the lesser.

(c)  An insurer shall not make or acquire aloan or loans upon the security of any one parcel of real property in anaggregate amount in excess of $250,000 or more than the amount permissibleunder section 431:6-105, whichever is the greater. [L 1987, c 347, pt of §2 assuperseded by c 348, §12]