VALUATION OF PURCHASE MONEY MORTGAGES.

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  5. VALUATION OF PURCHASE MONEY MORTGAGES.

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41-616. VALUATION OF PURCHASE MONEY MORTGAGES. Purchase money mortgages on real property referred to in subsection (1) of section 41-615 of this chapter shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety per cent (90%) of the fair value of such real property, whichever is less.

History:

[41-616, added 1961, ch. 330, sec. 137, p. 645.]


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