The bank or savings association must substantiate its reliance on the maker with –

The bank or savings association must substantiate its reliance on the maker with –

(iii) Where the bank or savings association is relying primarily upon the maker of the paper for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the seller of the paper, the lending limits of this section apply only to the maker.

(A) Records supporting the bank’s or savings association’s independent credit analysis of the maker’s ability to repay the loan or extension of credit, maintained by the bank or savings association or by a third party that is contractually obligated to make those records available for examination purposes; and

(B) A written certification by an officer of the bank or savings association authorized by the bank’s or savings association’s board of directors or any designee of that officer, that the bank or savings association is relying primarily upon the maker to repay the loan or extension of credit.

(iv) Where paper is purchased in substantial quantities, the records, evaluation, and certification must be in a form appropriate for the class and quantity of paper involved. The bank or savings association pling techniques, or other appropriate methods, to independently verify the reliability of the credit information supplied by the seller.

(i) A national bank’s or savings association’s loans or extensions of credit to one borrower secured by shipping documents or instruments that transfer or secure title to or give a first lien on livestock may not exceed 10 percent of the bank’s or savings association’s capital and surplus in addition to the amount allowed under the bank’s or savings association’s combined general limit. For purposes of this subsection, the term “livestock” includes dairy and beef cattle , hogs, sheep, goats, horses, mules , poultry and fish, whether or not held for resale.

(ii) The bank or savings association must maintain in its files an inspection and valuation for the livestock pledged that is reasonably current, taking into account the nature and frequency of turnover of the livestock to which the documents relate, but in any case not more than 12 months old.

A national bank or savings association may renew a qualifying commitment to lend, as defined by § 32

(iii) Under the laws of certain states, persons furnishing pasturage under a grazing contract ount due for pasturage. When the amount due under the grazing contract is dependent upon future performance, the resulting lien does not meet the requirements of the exception.

(4) Loans secured by dairy cattle. A national bank’s or savings association’s loans and extensions of credit to one borrower that arise from the discount by dealers in dairy cattle of paper given in payment for the cattle may not exceed 10 percent of the bank’s or savings association’s capital and surplus in addition to the amount allowed under the bank’s or savings association’s combined general limit. To qualify, the paper –

(ii) Must be secured by the cattle being sold, pursuant to liens that allow the bank or savings association to maintain a perfected security interest in the cattle under applicable law.

(5) Additional advances to complete project financing pursuant to renewal of a qualifying commitment to lend. 2(t), and complete funding under OR online installment loans that commitment if all of the following criteria are met –

The market value of the livestock securing the loan must at all times equal at least 115 percent of the amount of the outstanding loan that exceeds the bank’s or savings association’s combined general limit

(i) The completion of funding is consistent with safe and sound banking practices and is made to protect the position of the bank or savings association;

प्रतिकृय

प्रतिकृय