AN ACT RELATIVE TO MORTGAGES AND LOANS BY BANKS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Subsection C of section 14 of chapter 167E of the General Laws, as
appearing in the 1990 Official Edition, is hereby amended by adding the
following two paragraphs:-
8. Obligations for funds advanced to facilitate prompt
clearance or settlement arising from the purchase or sale of readily-marketable
securities, which obligations, are secured
by readily-marketable securities having a market value at the time the advance
is made of not less than the
principal amount of said advance, shall be required to be repaid
upon settlement of such purchase or sale.
9. Obligations which are secured by a deposit account in the lending bank
which is not subject to withdrawal.