45 Neb. Admin. Code, ch. 15, § 001 - EXCEPTION TO LENDING LIMIT
001.01 Neb. Rev.
Stat. §
8-141 provides that a bank may
directly or indirectly loan twenty-five percent of the total of its capital,
surplus, capital notes, and debentures or fifteen percent of its unimpaired
capital and unimpaired surplus, whichever is greater, to any person. When the
obligation is secured by negotiable warehouse receipts, a bank may loan an
additional ten percent of such capital, surplus, capital notes, and debentures
or of such unimpaired capital and unimpaired surplus.
001.02 To qualify for the additional ten
percent advancement:
001.02A The warehouse
receipts must be in an amount not less than one hundred-fifteen percent of the
face amount of the note or notes; and
001.02B The note or notes must be secured by
a prior financing statement and security agreement on the inventory covered by
warehouse receipts, as of the date of the loan.
001.03 For purposes of this Rule, the term
"unimpaired capital" is as defined in Neb. Rev. Stat. §
8-141.
Notes
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