Section 58-5-112 - Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage

58-5-112. Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage.Sections 58-5-108 to 58-5-111, inclusive, shall not apply to loans obtained by an insurer in the ordinary course of business from banks and other financial institutions, nor to loans secured by pledge or mortgage of assets. Source: SL 1966, ch 111, ch 16, §34 (5).