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



(b)  Buildings and other improvements located
on the mortgaged premises shall be kept insured for the benefit of the
mortgagee against loss or damage from fire in an amount not less than the
unpaid balance of the obligation, or the insurable value of the property, whichever
is the lesser.



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superseded by c 348, §12]