US Lawyer Database

For Lawyer-Seekers

YOU DESERVE THE BEST LAWYER

Home » US Law » 2022 Revised Code of Washington » Title 32 - Washington Savings Bank Act » Chapters » Chapter 32.20 - Investments. » 32.20.240 – Notes secured by pledge or assignment of account.

RCW 32.20.240

Notes secured by pledge or assignment of account.

A mutual savings bank may invest its funds in promissory notes made payable to the order of the savings bank, secured by the pledge or assignment of the account of the mutual savings bank as collateral security for the payment thereof. No such loan shall exceed the balance due the holder of such account.

[ 1967 c 145 § 5; 1955 c 13 § 32.20.240. Prior: 1945 c 228 § 3; 1929 c 74 § 19; 1921 c 156 § 11m; Rem. Supp. 1945 § 3381-19.]

NOTES:

Interest and usury in general: Chapter 19.52 RCW.