Washington § 32.20.230 - Notes secured by investments.

Full text of Washington Revised Code of Washington § 32.20.230 — Notes secured by investments., with citation guidance and answers to common questions.

§ 32.20.230. Notes secured by investments.

A mutual savings bank may invest its funds in promissory notes payable to the order of the savings bank, secured by the pledge or assignment of investments lawfully purchasable by a savings bank. No such loan shall exceed ninety percent of the cash market value of such investments so pledged. Should any of the investments so held in pledge depreciate in value after the making of such loan, the savings bank shall require an immediate payment of such loan, or of a part thereof, or additional security therefor, so that the amount loaned thereon shall at no time exceed ninety percent of the market value of the investments so pledged for such loan.
[ 1969 c 55 s 5; 1963 c 176 s 6; 1955 c 13 s 32.20.230. Prior: 1945 c 228 s 2; 1929 c 74 s 18; Rem. Supp. 1945 s 3381-18.]

Notes

Interest and usury in general: Chapter 19.52 RCW.

Related Washington Legal Topics

Frequently Asked Questions About Washington § 32.20.230

What does Revised Code of Washington § 32.20.230 cover?

Section 32.20.230 ("Notes secured by investments.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 32.20.230?

A common citation format is "Revised Code of Washington § 32.20.230" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 32.20.230 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.