Every association may make real estate loans to members, secured by a mortgage, deed of trust or other instrument creating or constituting a first and prior lien on the real estate, and may make additional real estate loans secured by liens subsequent to its own first lien upon the same property. Additional security may also be taken by the association in connection with any such loan.
History: 1953 Comp., § 48-15-80, enacted by Laws 1967, ch. 61, § 36.
ANNOTATIONSCross references. — For provisions relating to money, interest and usury, see 56-8-1 to 56-8-30 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 282 to 284.
Recoverability of compensatory damages for mental anguish or emotional distress for breach of contract to lend money, 52 A.L.R.4th 826.
9 C.J.S. Banks and Banking § 606.