58-7-180. Chattel mortgages.
(a) In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, where the mortgage loan was acquired under G.S. 58-7-179, an insurer may lend or invest an amount not exceeding twenty percent (20%) of the amount lent on or invested in such real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments with a term of not more than five years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
(b) For the purposes of this section, the term "durable equipment" includes only mechanical refrigerators, air-conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and, in addition, in the case of apartment houses and hotels, room furniture and furnishings.
(c) Before the acquisition of a chattel mortgage under this section, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value determined. No such chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
(d) This section does not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this Chapter. (1991, c. 681, s. 29.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 7 - General Domestic Companies.
§ 58-7-1 - Application of this Chapter and general laws.
§ 58-7-5 - Extension of existing charters.
§ 58-7-10 - Certificate required before issuing policies.
§ 58-7-15 - Kinds of insurance authorized.
§ 58-7-16 - Funding agreements authorized.
§ 58-7-21 - Credit allowed a domestic ceding insurer.
§ 58-7-22 - Term and universal life insurance reserve financing.
§ 58-7-30 - Insolvent ceding insurer.
§ 58-7-31 - Life and health reinsurance agreements.
§ 58-7-33 - Minimum policyholders' surplus to assume property or casualty reinsurance.
§ 58-7-35 - Manner of creating such corporations.
§ 58-7-37 - Background of incorporators and proposed management personnel.
§ 58-7-40 - First meeting; organization; license.
§ 58-7-45 - Bylaws; classification and election of directors; amendments.
§ 58-7-46 - Notification to Commissioner for president or chief executive officer changes.
§ 58-7-50 - Maintenance and removal of records and assets.
§ 58-7-55 - Exceptions to requirements of G.S58-7-50.
§ 58-7-60 - Approval as a domestic insurer.
§ 58-7-65 - Conversion to foreign insurer.
§ 58-7-70 - Effects of redomestication.
§ 58-7-73 - Dissolutions of insurers.
§ 58-7-75 - Amount of capital and/or surplus required; impairment of capital or surplus.
§ 58-7-80 - Capital stock fully paid in cash.
§ 58-7-95 - Establishment of separate accounts by life insurance companies.
§ 58-7-105 - Authority to increase or reduce capital stock.
§ 58-7-110 - Assessment of shares; revocation of license.
§ 58-7-115 - Increase of capital stock.
§ 58-7-120 - Reduction of capital stock.
§ 58-7-130 - Dividends and distributions to stockholders.
§ 58-7-140 - Certain officers debarred from commissions.
§ 58-7-145 - Restrictions on purchase and sale of equity securities of domestic companies.
§ 58-7-160 - Investments unlawfully acquired.
§ 58-7-162 - Allowable or admitted assets.
§ 58-7-163 - Assets not allowed.
§ 58-7-165 - Eligible investments.
§ 58-7-167 - General qualifications.
§ 58-7-168 - Authorization of investment.
§ 58-7-172 - Cash and deposits.
§ 58-7-173 - Permitted insurer investments.
§ 58-7-178 - Foreign or territorial investments.
§ 58-7-180 - Chattel mortgages.
§ 58-7-182 - Special investments by title insurers.
§ 58-7-183 - Special consent investments.
§ 58-7-185 - Prohibited investments and investment underwriting.
§ 58-7-187 - Real estate, in general.
§ 58-7-192 - Valuation of securities and investments.
§ 58-7-193 - Valuation of property.
§ 58-7-197 - Replacing certain assets; reporting certain liabilities.
§ 58-7-198 - Assets of foreign or alien insurers.