New Hampshire § 204-C-19 - Section 204-C:19 Loans to Lending Institutions.

§ 204-C-19. Section 204-C:19 Loans to Lending Institutions.

Without limiting the generality of the powers granted under RSA 204-C:8, the authority may: I. Make loans to lending institutions under terms and conditions requiring the proceeds of the loans to be used by such lending institutions for the making of new mortgage loans for housing for eligible persons and families; II. Purchase securities secured by, or providing financing for, mortgages on housing from lending institutions; III. Require that loans to, or such securities purchased from, lending institutions shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts and consisting of such obligations, securities and mortgage loans as the authority shall by resolution determine to be necessary to assure the payment of such loans or such securities purchased and the interest on them as the same become due. The authority may require in the case of any or all lending institutions that any required collateral be lodged with a bank or trust company located either within or outside the state designated by the authority as custodian for the collateral. In the absence of such requirement, a lending institution shall, if collateral is to be provided for loan of such securities purchased, upon receipt of the proceeds from the authority, enter into an agreement with the authority containing such provisions as the authority shall deem necessary to adequately identify and maintain such collateral and service the same and shall provide that such lending institution shall hold such collateral as an agent for the authority and shall be held accountable as the trustee of an express trust for the application and disposition of and the income from the collateral solely to uses and purposes in accordance with the provisions of such agreement. A copy of each such agreement and any revisions or supplements to the agreement shall be filed with the secretary of state and no further filing or other action under RSA 382-A or any other law of the state shall be required to perfect the security interest of the authority in such collateral or any additions to or substitutions for the collateral; and the lien and trust for the benefit of the authority so created shall be binding from and after the time made against all parties having claims of any kind in tort, contract, or otherwise against such lending institution. The authority may also establish such additional requirements as it deems necessary with respect to the pledging, assigning, setting aside or holding of such collateral and the making of substitutions for or additions to and the disposition of income and receipts from the collateral; and IV. Collect, enforce the collection of, and foreclose on any collateral securing its loans to, or purchase of securities from, lending institutions and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the authority in the collateral, all subject to any agreement with bondholders or noteholders.