The following described loans are legal investments: I. Real Estate in New Hampshire and Contiguous States. Those directly secured by first mortgage on real estate situated within this state or within any state contiguous to this state; but no such investment shall be in a loan which exceeds 75 percent of the value of the real estate by which it is secured; except that investment may be in a loan which exceeds 75 percent but not 90 percent of the value of the real estate by which it is secured, provided that it shall be secured by a first mortgage on real estate containing one or more dwelling units for not more than 4 families each and which mortgage or mortgage note shall provide for payment of the note within a period of 40 years from the date when the first monthly payment shall become due, and the first monthly payment shall become due 9 months from the date of the note or one month from the final disbursement of funds, whichever shall first occur. No loan or mortgage shall be made except upon written application showing the date, name of applicant, amount asked for and security offered and except upon report of not less than 2 members of the board of trustees or board of directors, or 2 officers of the bank acting on behalf of the board of trustees or board of directors, who shall certify on said application, according to their best judgment, on the basis of an appraisal made by one of their members or by some officer of the bank, or some appraiser employed by the bank for the purpose of appraisal, the value of the premises to be mortgaged; and such application shall be filed and preserved with the records of the corporation. If, as a result of any revaluation, the amount of the loan is found to be in excess of the authorized percentage of the value of the premises mortgaged, a sufficient reduction in the amount of the loan shall be required, as promptly as may be practical, to bring the loan to within the authorized percentage. In determining whether any loan exceeds the authorized percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time or (2) an obligation wholly guaranteed under such title or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase or (4) that portion of a loan guaranteed by a private mortgage guaranty insurance company licensed to do business in the state of New Hampshire and approved by the bank commissioner or (5) that portion of a loan on industrial real estate guaranteed by the state of New Hampshire under RSA 162-A:14-a-14-c, or guaranteed by any state contiguous to New Hampshire under terms providing security equal to or greater than those of RSA 162-A:14-a-14-c. No banks shall be restricted to the above authorized percentages on a loan secured by property which the borrower is purchasing from the bank. II. Buildings at Hampton and Improvements on Land Subject to a United States Forest Service Permit. The following shall be construed to be real estate for the purposes of paragraph I. (1) Buildings on land at Hampton in the county of Rockingham owned by lessees of real estate owned by the town of Hampton and leased by said town to Hampton Beach Improvement Company or directly to other lessees, together with those owned by sublessees or lessees of Hampton Beach Improvement Company or the town of Hampton, and (2) improvements, buildings and structures on land within national forests within this state upon which the mortgagor holds a term special use permit from the United States Forest Service of not less than 20 years' duration. II-a. Plant of Public Utilities. For the purposes of paragraph I, the following described classes of property appearing in the fixed capital accounts of electric, telephone, gas and water utilities operating in this state (as more particularly defined in the classification of accounts of such utilities prescribed by the public utilities commission), when all such classes of property are included in a blanket mortgage together with the utility's franchise to operate as a public utility in this state, shall be construed to be real estate: (a) electric utilities: land, structures, generating equipment--steam, generating equipment--hydro, generating equipment--internal combustion, transmission and distribution equipment, and unfinished construction; (b) telephone utilities: land, structures, central office equipment, station equipment, station wiring, poles, conduits, cables, wires, other radio-telephone plant, and unfinished construction; (c) gas utilities: land, structures, production equipment, distribution equipment and unfinished construction; (d) water utilities: land, structures, production equipment, transmission and distribution equipment and unfinished construction. II-b. Buildings on land leased from the state, any political subdivision thereof, or from any person, firm or corporation shall be construed to be real estate for the purposes of paragraph I as follows: improvements, buildings and structures on such leased land upon which the mortgagor holds a lease for an unexpired term of not less than 21 years' duration, which term shall not include the term which may be provided by an option of renewal. No mortgage loan upon such lease shall be made or acquired by a savings bank unless the terms thereof shall provide for amortization payments to be made by the borrower on the principal thereof in amounts sufficient to completely amortize the loan within a period of 66 2/3 percent of the unexpired term of the lease, which term shall not include the term which may be provided by an option of renewal. III. Equipment, Machinery and Furnishings on New Hampshire Real Estate. Those directly secured by first mortgage on (1) equipment of the types which are accepted for mortgage by the United States Secretary of Housing and Urban Development and which is declared by the mortgagor to have been affixed to and become a part of the real estate, or (2) equipment, furnishings or machinery of a commercial nature; provided, that the value of such equipment, furnishings or machinery be appraised in accordance with paragraph I of this section separately from the real estate on which it stands and that the part of a loan based upon such equipment, furnishings or machinery shall not exceed 33 1/3 percent of the value of such equipment, furnishings or machinery, and further provided that such equipment, furnishings or machinery be installed on real estate located within this state and that such real estate is also subject to the same mortgage, in accordance with paragraph I of this section, the value of which real estate provides security for not less than 75 percent of the loan. The equipment, furnishings, or machinery so mortgaged shall be revalued in the same manner as above at intervals of not more than 2 years so long as they are mortgaged to the corporation. In determining whether a loan exceeds the authorized percentage of value of such equipment, furnishings and machinery, no consideration shall be given to that portion of such loan which is guaranteed by the state of New Hampshire under RSA 162-A:14-aa. IV. Loans Insured by the United States Secretary of Housing and Urban Development and Other Guaranteed Loans. Those secured by mortgage on real estate situated within or without this state and without respect to the value of such real estate if the United States Secretary of Housing and Urban Development has insured, or made commitment to insure, such notes and bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash or the debentures hereafter described, and such debentures issued by the United States Secretary of Housing and Urban Development as are fully guaranteed as to principal and interest by the United States and those wholly guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time. V. Loans Insured by the United States Government Through the Secretary of Agriculture. Those secured by mortgage on real estate within the United States without respect to the value of such real estate if the Secretary of Agriculture has insured, or made commitment to insure, such notes or bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash. VI. Other Real Estate. Those directly secured by first mortgage on real estate situated without this state and those states contiguous to it, but entirely within the United States, which at the time of such investment is improved, occupied and productive; and no such investment shall be in a loan that exceeds 50 percent of the value of the real estate by which it is secured, unless the loan is further secured by a guaranty satisfactory to the commissioner, in which case it shall not exceed 70 percent of the value of the real estate by which it is secured. In determining whether any loan exceeds the above specified percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944 as amended from time to time, or (2) an obligation wholly guaranteed under such title, or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase. A bank shall not be restricted to the above authorized percentage on a loan secured by property which the borrower is purchasing from the bank. The provisions of this paragraph shall not apply to bonds of railroads, utilities, water companies or telephone and telegraph companies. No loan shall be made under this paragraph VI upon real estate situated outside New England except through or from mortgagees designated as approved by the United States Secretary of Housing and Urban Development, or except through or from an individual, partnership, association or corporation duly registered as a dealer in securities in this state, nor except upon written application showing the date, name of applicant, amount asked for and security offered. VII. Buildings and Units Thereof Subject to Unit Ownership Act. Buildings or units thereof, as defined in RSA 479-A, situated on land leased of another for a term of not less than 30 years shall be construed to be real estate for the purposes of paragraph I.
The following described loans are legal investments: I. Real Estate in New Hampshire and Contiguous States. Those directly secured by first mortgage on real estate situated within this state or within any state contiguous to this state; but no such investment shall be in a loan which exceeds 75 percent of the value of the real estate by which it is secured; except that investment may be in a loan which exceeds 75 percent but not 90 percent of the value of the real estate by which it is secured, provided that it shall be secured by a first mortgage on real estate containing one or more dwelling units for not more than 4 families each and which mortgage or mortgage note shall provide for payment of the note within a period of 40 years from the date when the first monthly payment shall become due, and the first monthly payment shall become due 9 months from the date of the note or one month from the final disbursement of funds, whichever shall first occur. No loan or mortgage shall be made except upon written application showing the date, name of applicant, amount asked for and security offered and except upon report of not less than 2 members of the board of trustees or board of directors, or 2 officers of the bank acting on behalf of the board of trustees or board of directors, who shall certify on said application, according to their best judgment, on the basis of an appraisal made by one of their members or by some officer of the bank, or some appraiser employed by the bank for the purpose of appraisal, the value of the premises to be mortgaged; and such application shall be filed and preserved with the records of the corporation. If, as a result of any revaluation, the amount of the loan is found to be in excess of the authorized percentage of the value of the premises mortgaged, a sufficient reduction in the amount of the loan shall be required, as promptly as may be practical, to bring the loan to within the authorized percentage. In determining whether any loan exceeds the authorized percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time or (2) an obligation wholly guaranteed under such title or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase or (4) that portion of a loan guaranteed by a private mortgage guaranty insurance company licensed to do business in the state of New Hampshire and approved by the bank commissioner or (5) that portion of a loan on industrial real estate guaranteed by the state of New Hampshire under RSA 162-A:14-a-14-c, or guaranteed by any state contiguous to New Hampshire under terms providing security equal to or greater than those of RSA 162-A:14-a-14-c. No banks shall be restricted to the above authorized percentages on a loan secured by property which the borrower is purchasing from the bank. II. Buildings at Hampton and Improvements on Land Subject to a United States Forest Service Permit. The following shall be construed to be real estate for the purposes of paragraph I. (1) Buildings on land at Hampton in the county of Rockingham owned by lessees of real estate owned by the town of Hampton and leased by said town to Hampton Beach Improvement Company or directly to other lessees, together with those owned by sublessees or lessees of Hampton Beach Improvement Company or the town of Hampton, and (2) improvements, buildings and structures on land within national forests within this state upon which the mortgagor holds a term special use permit from the United States Forest Service of not less than 20 years' duration. II-a. Plant of Public Utilities. For the purposes of paragraph I, the following described classes of property appearing in the fixed capital accounts of electric, telephone, gas and water utilities operating in this state (as more particularly defined in the classification of accounts of such utilities prescribed by the public utilities commission), when all such classes of property are included in a blanket mortgage together with the utility's franchise to operate as a public utility in this state, shall be construed to be real estate: (a) electric utilities: land, structures, generating equipment--steam, generating equipment--hydro, generating equipment--internal combustion, transmission and distribution equipment, and unfinished construction; (b) telephone utilities: land, structures, central office equipment, station equipment, station wiring, poles, conduits, cables, wires, other radio-telephone plant, and unfinished construction; (c) gas utilities: land, structures, production equipment, distribution equipment and unfinished construction; (d) water utilities: land, structures, production equipment, transmission and distribution equipment and unfinished construction. II-b. Buildings on land leased from the state, any political subdivision thereof, or from any person, firm or corporation shall be construed to be real estate for the purposes of paragraph I as follows: improvements, buildings and structures on such leased land upon which the mortgagor holds a lease for an unexpired term of not less than 21 years' duration, which term shall not include the term which may be provided by an option of renewal. No mortgage loan upon such lease shall be made or acquired by a savings bank unless the terms thereof shall provide for amortization payments to be made by the borrower on the principal thereof in amounts sufficient to completely amortize the loan within a period of 66 2/3 percent of the unexpired term of the lease, which term shall not include the term which may be provided by an option of renewal. III. Equipment, Machinery and Furnishings on New Hampshire Real Estate. Those directly secured by first mortgage on (1) equipment of the types which are accepted for mortgage by the United States Secretary of Housing and Urban Development and which is declared by the mortgagor to have been affixed to and become a part of the real estate, or (2) equipment, furnishings or machinery of a commercial nature; provided, that the value of such equipment, furnishings or machinery be appraised in accordance with paragraph I of this section separately from the real estate on which it stands and that the part of a loan based upon such equipment, furnishings or machinery shall not exceed 33 1/3 percent of the value of such equipment, furnishings or machinery, and further provided that such equipment, furnishings or machinery be installed on real estate located within this state and that such real estate is also subject to the same mortgage, in accordance with paragraph I of this section, the value of which real estate provides security for not less than 75 percent of the loan. The equipment, furnishings, or machinery so mortgaged shall be revalued in the same manner as above at intervals of not more than 2 years so long as they are mortgaged to the corporation. In determining whether a loan exceeds the authorized percentage of value of such equipment, furnishings and machinery, no consideration shall be given to that portion of such loan which is guaranteed by the state of New Hampshire under RSA 162-A:14-aa. IV. Loans Insured by the United States Secretary of Housing and Urban Development and Other Guaranteed Loans. Those secured by mortgage on real estate situated within or without this state and without respect to the value of such real estate if the United States Secretary of Housing and Urban Development has insured, or made commitment to insure, such notes and bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash or the debentures hereafter described, and such debentures issued by the United States Secretary of Housing and Urban Development as are fully guaranteed as to principal and interest by the United States and those wholly guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time. V. Loans Insured by the United States Government Through the Secretary of Agriculture. Those secured by mortgage on real estate within the United States without respect to the value of such real estate if the Secretary of Agriculture has insured, or made commitment to insure, such notes or bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash. VI. Other Real Estate. Those directly secured by first mortgage on real estate situated without this state and those states contiguous to it, but entirely within the United States, which at the time of such investment is improved, occupied and productive; and no such investment shall be in a loan that exceeds 50 percent of the value of the real estate by which it is secured, unless the loan is further secured by a guaranty satisfactory to the commissioner, in which case it shall not exceed 70 percent of the value of the real estate by which it is secured. In determining whether any loan exceeds the above specified percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944 as amended from time to time, or (2) an obligation wholly guaranteed under such title, or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase. A bank shall not be restricted to the above authorized percentage on a loan secured by property which the borrower is purchasing from the bank. The provisions of this paragraph shall not apply to bonds of railroads, utilities, water companies or telephone and telegraph companies. No loan shall be made under this paragraph VI upon real estate situated outside New England except through or from mortgagees designated as approved by the United States Secretary of Housing and Urban Development, or except through or from an individual, partnership, association or corporation duly registered as a dealer in securities in this state, nor except upon written application showing the date, name of applicant, amount asked for and security offered. VII. Buildings and Units Thereof Subject to Unit Ownership Act. Buildings or units thereof, as defined in RSA 479-A, situated on land leased of another for a term of not less than 30 years shall be construed to be real estate for the purposes of paragraph I.
The following described loans are legal investments: I. Real Estate in New Hampshire and Contiguous States. Those directly secured by first mortgage on real estate situated within this state or within any state contiguous to this state; but no such investment shall be in a loan which exceeds 75 percent of the value of the real estate by which it is secured; except that investment may be in a loan which exceeds 75 percent but not 90 percent of the value of the real estate by which it is secured, provided that it shall be secured by a first mortgage on real estate containing one or more dwelling units for not more than 4 families each and which mortgage or mortgage note shall provide for payment of the note within a period of 40 years from the date when the first monthly payment shall become due, and the first monthly payment shall become due 9 months from the date of the note or one month from the final disbursement of funds, whichever shall first occur. No loan or mortgage shall be made except upon written application showing the date, name of applicant, amount asked for and security offered and except upon report of not less than 2 members of the board of trustees or board of directors, or 2 officers of the bank acting on behalf of the board of trustees or board of directors, who shall certify on said application, according to their best judgment, on the basis of an appraisal made by one of their members or by some officer of the bank, or some appraiser employed by the bank for the purpose of appraisal, the value of the premises to be mortgaged; and such application shall be filed and preserved with the records of the corporation. If, as a result of any revaluation, the amount of the loan is found to be in excess of the authorized percentage of the value of the premises mortgaged, a sufficient reduction in the amount of the loan shall be required, as promptly as may be practical, to bring the loan to within the authorized percentage. In determining whether any loan exceeds the authorized percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time or (2) an obligation wholly guaranteed under such title or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase or (4) that portion of a loan guaranteed by a private mortgage guaranty insurance company licensed to do business in the state of New Hampshire and approved by the bank commissioner or (5) that portion of a loan on industrial real estate guaranteed by the state of New Hampshire under RSA 162-A:14-a-14-c, or guaranteed by any state contiguous to New Hampshire under terms providing security equal to or greater than those of RSA 162-A:14-a-14-c. No banks shall be restricted to the above authorized percentages on a loan secured by property which the borrower is purchasing from the bank. II. Buildings at Hampton and Improvements on Land Subject to a United States Forest Service Permit. The following shall be construed to be real estate for the purposes of paragraph I. (1) Buildings on land at Hampton in the county of Rockingham owned by lessees of real estate owned by the town of Hampton and leased by said town to Hampton Beach Improvement Company or directly to other lessees, together with those owned by sublessees or lessees of Hampton Beach Improvement Company or the town of Hampton, and (2) improvements, buildings and structures on land within national forests within this state upon which the mortgagor holds a term special use permit from the United States Forest Service of not less than 20 years' duration. II-a. Plant of Public Utilities. For the purposes of paragraph I, the following described classes of property appearing in the fixed capital accounts of electric, telephone, gas and water utilities operating in this state (as more particularly defined in the classification of accounts of such utilities prescribed by the public utilities commission), when all such classes of property are included in a blanket mortgage together with the utility's franchise to operate as a public utility in this state, shall be construed to be real estate: (a) electric utilities: land, structures, generating equipment--steam, generating equipment--hydro, generating equipment--internal combustion, transmission and distribution equipment, and unfinished construction; (b) telephone utilities: land, structures, central office equipment, station equipment, station wiring, poles, conduits, cables, wires, other radio-telephone plant, and unfinished construction; (c) gas utilities: land, structures, production equipment, distribution equipment and unfinished construction; (d) water utilities: land, structures, production equipment, transmission and distribution equipment and unfinished construction. II-b. Buildings on land leased from the state, any political subdivision thereof, or from any person, firm or corporation shall be construed to be real estate for the purposes of paragraph I as follows: improvements, buildings and structures on such leased land upon which the mortgagor holds a lease for an unexpired term of not less than 21 years' duration, which term shall not include the term which may be provided by an option of renewal. No mortgage loan upon such lease shall be made or acquired by a savings bank unless the terms thereof shall provide for amortization payments to be made by the borrower on the principal thereof in amounts sufficient to completely amortize the loan within a period of 66 2/3 percent of the unexpired term of the lease, which term shall not include the term which may be provided by an option of renewal. III. Equipment, Machinery and Furnishings on New Hampshire Real Estate. Those directly secured by first mortgage on (1) equipment of the types which are accepted for mortgage by the United States Secretary of Housing and Urban Development and which is declared by the mortgagor to have been affixed to and become a part of the real estate, or (2) equipment, furnishings or machinery of a commercial nature; provided, that the value of such equipment, furnishings or machinery be appraised in accordance with paragraph I of this section separately from the real estate on which it stands and that the part of a loan based upon such equipment, furnishings or machinery shall not exceed 33 1/3 percent of the value of such equipment, furnishings or machinery, and further provided that such equipment, furnishings or machinery be installed on real estate located within this state and that such real estate is also subject to the same mortgage, in accordance with paragraph I of this section, the value of which real estate provides security for not less than 75 percent of the loan. The equipment, furnishings, or machinery so mortgaged shall be revalued in the same manner as above at intervals of not more than 2 years so long as they are mortgaged to the corporation. In determining whether a loan exceeds the authorized percentage of value of such equipment, furnishings and machinery, no consideration shall be given to that portion of such loan which is guaranteed by the state of New Hampshire under RSA 162-A:14-aa. IV. Loans Insured by the United States Secretary of Housing and Urban Development and Other Guaranteed Loans. Those secured by mortgage on real estate situated within or without this state and without respect to the value of such real estate if the United States Secretary of Housing and Urban Development has insured, or made commitment to insure, such notes and bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash or the debentures hereafter described, and such debentures issued by the United States Secretary of Housing and Urban Development as are fully guaranteed as to principal and interest by the United States and those wholly guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944, as amended from time to time. V. Loans Insured by the United States Government Through the Secretary of Agriculture. Those secured by mortgage on real estate within the United States without respect to the value of such real estate if the Secretary of Agriculture has insured, or made commitment to insure, such notes or bonds, provided the laws of the United States entitle the mortgagee to receive payment of such insurance in cash. VI. Other Real Estate. Those directly secured by first mortgage on real estate situated without this state and those states contiguous to it, but entirely within the United States, which at the time of such investment is improved, occupied and productive; and no such investment shall be in a loan that exceeds 50 percent of the value of the real estate by which it is secured, unless the loan is further secured by a guaranty satisfactory to the commissioner, in which case it shall not exceed 70 percent of the value of the real estate by which it is secured. In determining whether any loan exceeds the above specified percentage of the value of the real estate, no consideration shall be given to (1) that portion of the obligation which is guaranteed by the administrator of veterans' affairs under Title III of the Servicemen's Readjustment Act of 1944 as amended from time to time, or (2) an obligation wholly guaranteed under such title, or (3) that portion of any loan or obligation which the small business administration has unconditionally agreed to purchase. A bank shall not be restricted to the above authorized percentage on a loan secured by property which the borrower is purchasing from the bank. The provisions of this paragraph shall not apply to bonds of railroads, utilities, water companies or telephone and telegraph companies. No loan shall be made under this paragraph VI upon real estate situated outside New England except through or from mortgagees designated as approved by the United States Secretary of Housing and Urban Development, or except through or from an individual, partnership, association or corporation duly registered as a dealer in securities in this state, nor except upon written application showing the date, name of applicant, amount asked for and security offered. VII. Buildings and Units Thereof Subject to Unit Ownership Act. Buildings or units thereof, as defined in RSA 479-A, situated on land leased of another for a term of not less than 30 years shall be construed to be real estate for the purposes of paragraph I.
