HARRY HUGHES, Governor

3087

lien only when the association held the first
lien, was deleted as unnecessarily restrictive,
in favor of authority to hold either a first or
second lien.

Also in subsection (a)(1) of this section, the
former restrictions that mortgages outside this
State must be within a 50 mile radius from an
office of the association in this State were
deleted as unnecessary in practice.

In subsection (a)(3) of this section,
"respective" was added for clarity.

In subsection (a)(4) of this section, the former
phrase "issuing from real estate located" was
deleted as unnecessary.

In subsections (a)(5) and (6) of this section,
"any general obligation" was substituted for
"bonds, notes, or other evidences of
indebtedness" as having the same meaning.

In subsection (a)(5)(i) of this section, the term
"agencies" was added as being a common practice
in the industry.

In subsection (a)(7) of this section, the more
precise term "real property" was substituted for
"real estate".

Also in subsection (a)(7)(i) of this section, "to
conduct" (its business) was substituted for the
phrase, "for the transactions of" (its business).
The phrase "income producing in part" is
substituted for the former phrase "derive
revenue, by rental or otherwise, from any portion
of such real estate" for brevity.

In subsection (a)(7)(ii) of this section, the
phrases, (auction sale) "public or private",
"judicial or otherwise", and "legal or equitable"
were deleted as unnecessary.

In subsection (a)(8) of this section, the term
"furnishings" was substituted for "chattels".

In subsection (a)(9) of this section, the former
phrase, "notwithstanding any other provisions of
this article" (23) was deleted as unnecessary.

Also in subsection (a)(9) of this section,
"equity" was deleted as included in "interest".

In subsection (a)(11) of this section, "any
financial institution of this State" was
substituted for "banks chartered by the State of