17-5509.   Association may accept assignment of life insurance on mortgagor;premium payments, addition to the unpaid balance of the loan.An association may accept assignments of life insurance as additionalcollateral upon any real-estate loan. In such event, the association mayadvance premiums on such policy and such premium advances shall be added tothe unpaid balance of the loan and shall be equally secured by the firstlien on the property.

      History:   L. 1943, ch. 133, § 87; July 1.