Missouri Laws 369.234 – Preference given association holding first lien
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An association may:
(1) Make without limitation any advances necessary to protect the security of any loan or the priority of lien thereon which shall stand secured by such first lien irrespective of intervening liens;
Terms Used In Missouri Laws 369.234
- Association: a savings and loan association or a savings association subject to the provisions of this chapter. See Missouri Laws 369.014
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Director of the division of finance: the chief officer of the division of finance. See Missouri Laws 369.014
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes real and personal property. See Missouri Laws 1.020
(2) If it holds a recorded first lien on the property, make an additional loan or loans not exceeding in the aggregate the amount fixed from time to time by the director of the division of finance, which shall be secured by such first lien, for the improvement, equipment or furnishing of such property; and
(3) Make any further advances or loans for any purpose to the extent authorized by the deed of trust evidencing the first lien on the property.