Section 57-10-117 - Supplementary security requirement for corporate borrower

If there is a corporate borrower, the committee shall require the personal guarantee or endorsement of any principal or entity owning at least twenty percent (20%) of the corporation that is borrowing money from any lender under the provisions of this article, and the committee may also require any other guarantees it deems appropriate.Codes, 1942, § 8940-139; Laws, 1972, ch. 441, § 9; Laws, 1995, ch. 548, § 3, eff. 4/6/1995.