58-27-31. Policy loans by life insurer--Maximum amount.
A life insurer may lend to its policyholder upon pledge of the policy as collateral security, any sum not exceeding the cash surrender value of the policy; or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, so long as the loan is adequately secured by such pledge or assignment.
Source: SL 1966, ch 111, ch 6, §19.