§12-63. Real estate mortgage as bond.
106 words·~1 min read·
/ok/title-12-civil-procedure/12-63·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In every instance in this state where bond, indemnity or guaranty is required, a first mortgage upon improved real estate within this state shall be accepted: Provided, that the amount of such bond, guaranty or indemnity shall not exceed fifty percent (50%) of the reasonable valuation of such improved real estate, exclusive of all buildings thereon; Provided, further, that where the amount of such bond, guaranty or indemnity shall exceed fifty percent (50%) of the reasonable valuation of such improved real estate, exclusive of all buildings, then such first mortgage shall be accepted to the extent of such fifty percent (50%) valuation. R.L. 1910, § 5344.