29.1-101.7 - Security for loans. - Virginia Statutes

§ 29.1-101.7. Security for loans.

Each loan to an owner other than a local government shall be evidenced byappropriate bonds or notes of the borrower payable to the Fund. TheDepartment may require in connection with any loan to an owner other than alocal government such documents, instruments, certificates, legal opinions,and other information as it deems necessary or convenient. The Department mayrequire such borrower to provide the Fund a security interest in theborrower's real and personal property and to procure such insurance,guarantees, letters of credit and other forms of security as the Departmentdeems necessary to provide remedies to the Fund in case of loss or default.

(1989, c. 5, § 10.1-1219; 1992, cc. 464, 887.)