§ 28-1-25-1 — Exemption from limitations under state laws

Whenever the United States, any federal
reserve bank of the United States, or any department, bureau, board, or
commission of the United States, including any corporation wholly
owned directly or indirectly by the United States, shall secure or
guarantee the payment of or make commitment or agreement to take
over or purchase the full amount of any loans or obligations of any
financial institution or of any investment type industrial loan and
investment company, such loans or obligations shall not be subject to
any limitations in the laws of this state based upon the nature, priority,
amount, location, or form of security prescribing or limiting the period
for which loans or advances of credit may be made, prescribing any
ratio between the amount of any loan and the appraised value of
security for such loan, or requiring periodical reduction of the principal
of any loan.
Formerly: Acts 1945, c.47, s.1. As amended by P.L.263-1985,
SEC.104.