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The Legal Framework of Life Insurance Company Mortgage Lending

Authors
Disciplines
  • Law

Abstract

The Legal Framework of Life Insurance Company Mortgage Lending This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Urban Mortgage Lending by Life Insurance Companies Volume Author/Editor: Raymond J. Saulnier Volume Publisher: NBER Volume ISBN: 0-870-14139-2 Volume URL: http://www.nber.org/books/saul50-1 Publication Date: 1950 Chapter Title: The Legal Framework of Life Insurance Company Mortgage Lending Chapter Author: R. J. Saulnier Chapter URL: http://www.nber.org/chapters/c0769 Chapter pages in book: (p. 20 - 27) C H A P T E R 2 The Legal Framework of Life Insurance Company Mortgage Lending s investors in the real estate market, whether as mortgagees or as owners of property, insurance companies are subject to the whole body of real estate law and regulation. In addition, their real estate financing activities are affected by certain sections of the in- surance laws of the states in which they are organized and to a lesser degree by the insurance laws of other states in which they do business. Since the real estate financing activities of life companies are signifi- cantly affected by this legal framework, a description of the relevant statutory and administrative laws is essential to the present study. But in view of the fact that a separate monograph in this series deals with general real estate law and regulation 1 this chapter will be restricted to a discussion of those sections of state insurance laws that have a direct bearing on real estate finance. Examples of statutory limita- tions on mortgage financing and real estate investment are drawn from the laws of different states in order to show the range of varia- tion; other examples are used to illustrate such common features as can be found in state legislation. LIMITATIONS ON MORTGAGE INVESTMENTS State statutes fall into a roughly standard pattern as regards their statement of conditions on which life insurance companies may in- v

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