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Can you summarize NERS 8-711?
BANKS AND BANKING > Banks, trust companies, insurance companies; loans under National Housing Act; authority to make.
Short Summary
Notwithstanding any more general or special law of the State of Nebraska to the contrary, banks, savings banks, trust companies and insurance companies are authorized (1) to make such loans and advances of credit, and purchases of obligations representing loans and advances of credit, as are eligible for insurance by the Federal Housing Administrator, and to obtain such insurance; and (2) to make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes a commitment to insure, and to obtain such insurance. Source: Laws 1935, c. 17, 1, p. 92; Laws 1937, c. 13, 1, p. 117; C.S.Supp.,1941, 8-501; R.S.1943, 8-711. Annotations Insurance company upon becoming member of Federal Home Loan Bank may make loans insured by Federal Housing Administration. Service Life Ins. Co. v. United States, 189 F.Supp. 282 (D. Neb. 1960).
Jurisdiction
Nebraska