§209-31 Security for loans. Security for any loan when not available is not required, however, whenever property other than personal property and inventory, is purchased with the loan funds, a mortgage or pledge of such property shall be required as security for the loan. The director of business, economic development, and tourism may, in the director's discretion, permit the mortgage or pledge to be subordinated to the lien of a financial institution or government lending agency in the event the subordination should become necessary for the borrower to secure additional funds. [L 1961, c 189, §17; Supp, §98P-17; HRS §209-31; am L 1976, c 205, §1(2); gen ch 1985; am L 1987, c 336, §7; am L 1990, c 293, §8]
Structure Hawaii Revised Statutes
Title 13. Planning and Economic Development
209. Disaster Relief and Rehabilitation
209-2 State disaster; determination by governor.
209-3 Duties of state and county department heads.
209-4 Rehabilitation coordinator; authority.
209-6 Relation to other agencies.
209-7 Closing of application date; position of coordinator terminated.
209-8 Consideration of other recoveries.
209-10 Agricultural water systems; emergency power.
209-17 Use of funds in relation to federal projects.
209-27 Types of loans; participation.