Washington Code 32.20.410 – Limitation of total investment in certain obligations
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The aggregate total amount a mutual savings bank may invest in the following shall not exceed the sum of eighty-five percent of its funds and one hundred percent of its borrowings as permitted under RCW 32.08.140, as now or hereafter amended and RCW 32.08.190, as now or hereafter amended:
Terms Used In Washington Code 32.20.410
- its funds: whenever used in this chapter , shall mean and include moneys deposited with or borrowed by a mutual savings bank, sums credited to the guaranty fund of a mutual savings bank, and the income derived from such deposits or fund, or both, and the principal balance of any outstanding capital notes, and capital debentures. See Washington Code 32.20.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: as used in this title includes deed of trust. See Washington Code 32.04.022
- savings bank: whenever used in this chapter , shall mean a mutual savings bank organized and existing under the laws of the state of Washington. See Washington Code 32.20.010
(1) Mortgages upon real estate and participations therein;
(2) Contracts for the sale of realty;
(3) Mortgages upon leasehold estates; and
(4) Notes secured by pledges or assignments of first mortgages or real estate contracts.
The limitation of this section shall not apply to GNMA certificates, mortgage backed bonds, mortgage pass-through certificates or other similar securities purchased or held by the bank.
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.