41-725. "ENCUMBRANCE" DEFINED. (1) Real property shall not be deemed to be encumbered within the meaning of section 41-721 by reason of the existence of instruments reserving mineral, oil, timber or similar rights, rights of way, sewer rights, rights in walls, nor by reason of any liens for taxes or assessments not yet due, or on account of liens not delinquent for community recreational facilities, or for the maintenance of community facilities, nor by reason of building restrictions or other restrictive covenants common to the community in which the property is located, nor by liens for service and maintenance of water rights where not delinquent, nor when such real property is subject to lease under which rents or profits are reserved to the owner if in any event the security for the loan or investment is a first lien upon the real property.
(2) If under any of the exceptions set forth in subsection (1) of this section there is any sum owing but not due or delinquent, the total amount of such sum shall be deducted from the amount which otherwise might be loaned on the property. The value of any mineral, oil, timber or similar right reserved shall not be included in the fair value of the property.
History:
[41-725, added 1961, ch. 330, sec. 162, p. 645.]
Structure Idaho Code
Section 41-702 - ELIGIBLE INVESTMENTS.
Section 41-703 - GENERAL QUALIFICATIONS.
Section 41-704 - AUTHORIZATION OF INVESTMENTS.
Section 41-705 - RECORD OF INVESTMENTS.
Section 41-706 - DIVERSIFICATION OF INVESTMENTS.
Section 41-707 - PUBLIC OBLIGATIONS.
Section 41-708 - OBLIGATIONS AND STOCK OF CERTAIN FEDERAL AGENCIES.
Section 41-709 - IRRIGATION DISTRICT BONDS.
Section 41-710 - INTERNATIONAL BANK.
Section 41-711 - CORPORATE OBLIGATIONS.
Section 41-712 - CERTAIN TERMS DEFINED.
Section 41-713 - PREFERRED STOCKS — DIVERSIFICATION.
Section 41-714 - COMMON STOCKS.
Section 41-715 - INSURANCE STOCKS.
Section 41-716 - INVESTMENT TRUST SECURITIES.
Section 41-717 - EQUIPMENT TRUST OBLIGATIONS.
Section 41-718 - POLICY LOANS.
Section 41-719 - COLLATERAL LOANS.
Section 41-720 - SAVINGS AND SHARE ACCOUNTS.
Section 41-721 - MORTGAGE LOANS AND CONTRACTS.
Section 41-722 - MORTGAGE LOAN LIMITED BY PROPERTY VALUE.
Section 41-723 - APPRAISAL — LIMIT OF AMOUNT LOANED.
Section 41-724 - “IMPROVED REAL PROPERTY” DEFINED.
Section 41-725 - “ENCUMBRANCE” DEFINED.
Section 41-726 - SPECIAL INVESTMENTS BY TITLE INSURER.
Section 41-727 - FOREIGN SECURITIES.
Section 41-729 - TIME LIMIT FOR DISPOSAL OF REAL ESTATE.
Section 41-730 - DISPOSAL OF INELIGIBLE PROPERTY AND SECURITIES.
Section 41-731 - PROHIBITED INVESTMENTS AND INVESTMENT UNDERWRITING.
Section 41-732 - DOMESTIC RECIPROCAL INSURER.
Section 41-733 - SUBSIDIARY INVESTMENTS.
Section 41-734 - SEPARATE ACCOUNT FUNDS.