32-3-604. Security. In addition to generally accepted types of security, the endorsement of a note by a surety, comaker, or guarantor or pledge of shares, in a manner consistent with the laws of this state, must be considered security within the meaning of this chapter. The adequacy of any security is subject to the lending policies established by the board of directors.

     History: En. 14-651 by Sec. 51, Ch. 38, L. 1975; R.C.M. 1947, 14-651; amd. Sec. 34, Ch. 237, L. 2003.