HARRY HUGHES, Governor

223

SURPLUS OF THE COMMERCIAL BANK.

(E)   MAXIMUM OF OBLIGATIONS SECURED BY GOODS.

(1) IN THIS SUBSECTION, "OBLIGATIONS SECURED BY
GOODS" MEANS OBLIGATIONS THAT ARE DRAWN IN GOOD FAITH
AGAINST ACTUAL EXISTING VALUES AND ARE:

(I)   SECURED BY GOODS IN THE PROCESS OF
SHIPMENT; OR

(II)   WHEN ACCEPTED, ACCOMPANIED BY
DOCUMENTS OF TITLE FOR THESE GOODS.

(2) THE TOTAL LIABILITY OF ANY ONE PERSON TO A
COMMERCIAL BANK FOR OBLIGATIONS SECURED BY GOODS MAY NOT
EXCEED AT ANY TIME 25 PERCENT OF THE UNIMPAIRED CAPITAL AND
SURPLUS OF THE COMMERCIAL BANK.

(F)   COMPUTATION OF TOTAL LIABILITIES — IN GENERAL.

FOR PURPOSES OF THIS SECTION, THE RULES SET FORTH      IN

SUBSECTIONS (G) THROUGH (J) OF THIS SECTION APPLY      IN

COMPUTING THE TOTAL LIABILITIES OF ANY ONE PERSON TO      A
COMMERCIAL BANK.

(G)       SAME — INDIVIDUALS.

(1)       EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THE TOTAL LIABILITIES OF ANY INDIVIDUAL TO A
COMMERCIAL BANK INCLUDE:

(I)       ALL LIABILITIES TO THE COMMERCIAL BANK
OF ANY PARTNERSHIP OR UNINCORPORATED ASSOCIATION OF WHICH
THE INDIVIDUAL IS A MEMBER; AND

(II)       ALL LOANS THAT THE COMMERCIAL BANK
MAKES FOR THE BENEFIT OF THE INDIVIDUAL OR FOR THE BENEFIT
OF ANY PARTNERSHIP OR UNINCORPORATED ASSOCIATION OF WHICH
THE INDIVIDUAL IS A MEMBER.

(2)       IF THE INDIVIDUAL HOLDS ONLY A LIMITED
INTEREST IN A LIMITED PARTNERSHIP, THE LIABILITIES OF THE
LIMITED PARTNERSHIP AND THE LOANS MADE FOR ITS BENEFIT THAT
ARE INCLUDED IN THE INDIVIDUAL'S TOTAL LIABILITIES MAY NOT
EXCEED THE VALUE OF THE INDIVIDUAL'S INTEREST IN THE LIMITED
PARTNERSHIP.

(H) SAME — PARTNERSHIPS AND ASSOCIATIONS.

THE TOTAL LIABILITIES OF ANY PARTNERSHIP OR
UNINCORPORATED ASSOCIATION TO A COMMERCIAL BANK INCLUDE:

(1) ALL LIABILITIES OF ITS INDIVIDUAL MEMBERS TO
THE COMMERCIAL BANK; AND

(2) ALL LOANS THAT THE COMMERCIAL BANK MAKES FOR