1034                           LAWS OF MARYLAND

(ii) Equipment trust obligations or certificates which are ade-
quately secured or other adequately secured instruments evidencing
an interest in transportation equipment wholly or in part within the
United States and a right to receive determined portions of rental,
purchase or other fixed obligatory payments for the use or purchase
of such transportation equipment.

(5)   Acceptances and Bills of Exchange.

Bank and bankers' acceptances and other bills of exchange of the
kind and maturities made eligible, pursuant to law, for purchase in
the open market by federal reserve banks.

(6)   Mortgage Loans.

(i) Bonds or evidences of indebtedness other than those described
in subsection (2) of this section which are secured by first mort-
gages or deeds of trust upon unencumbered fee simple or improved
leasehold real property located in the United States. Real property
shall not be deemed to be encumbered within the meaning of this
section, by reason of the existence of instruments reserving mineral,
oil or timber rights, rights of way, sewer rights, rights in walls, nor
by reason of any liens for taxes or assessments not yet due, nor by
reason of building restrictions or other restrictive covenants, 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
such loan is a first lien upon such real property and if there is no
condition or right of re-entry or forfeiture, under which such lien
can be cut off, subordinated or otherwise disturbed. No such mort-
gage loan or loans made or acquired by an insurer on any one prop-
erty shall, at the time of investment by the insurer, exceed two-
thirds of the value of the real property securing the same. No such
mortgage loan or loans shall be made or acquired by an insurer
except after an appraisal made by an appraiser for the purpose of
such investment. No such mortgage loan made or acquired by an
insurer which is a participation or a part of a series of issue secured
by the same mortgage or deed of trust shall be a lawful investment
under this paragraph unless the entire series or issue which is
secured by the same mortgage or deed of trust is held by such
insurer or unless the insurer holds a senior participation in such
mortgage or deed of trust giving it substantially the rights of a first
mortgagee. Except as otherwise provided in this section, no domestic
insurer shall invest in or loan upon the security of any one property
more than twenty-five thousand dollars or more than two per centum
of its total admitted assets, whichever is the greater. In no event shall
the total investments of any such insurer in the kinds permitted under
this subdivision exceed forty per centum of its total admitted assets.

(ii) Purchase money mortgages or like securities received by it
upon the sale or exchange of real property acquired pursuant to sub-
section (8).

(iii) Bonds, notes or other evidence of indebtedness secured by
mortgages or deeds of trust which are guaranteed or insured by an
instrumentality of the United States, pursuant to Acts of Congress,
as heretofore and hereafter amended, known as the National Hous-
ing Act; Servicemen's Readjustment Act of 1944; Bankhead-Jones
Farm Tenant Act; and neither the limitations of this section nor any
other law of this State requiring security upon which loans shall be