§ 26-7-111 — Security interest in chattels

(a) In connection with a mortgage loan on the security of
real property designed and used primarily for residential
purposes only, which mortgage loan was acquired pursuant to W.S.
26-7-107(a)(xii), an insurer may lend or invest an amount, not
exceeding twenty percent (20%) of the amount loaned on or
invested in the real property mortgage, on the security of
chattels, to be amortized by regular payments within a term of
not more than five (5) years, and representing a first and prior
lien, except for taxes not then delinquent, on personal property
constituting durable equipment and owned by the mortgagor and
kept and used in the mortgaged premises.
(b) For the purposes of this section, "durable equipment"
includes only mechanical refrigerators, air conditioning
equipment, mechanical laundering machines, heating and cooking
stoves and ranges, and in the case of apartment houses, motels
and hotels, room furniture and furnishings also.
(c) Prior to the acquisition of a chattel mortgage under
this section, items of property to be included therein shall be
separately appraised by a qualified appraiser and the fair
market value thereof determined. No chattel loan shall exceed in
amount the same ratio of loan to the value of the property as is
applicable to the companion loan on the real property.
(d) This section does not prohibit an insurer from taking
liens on personal property as additional security for any
investment otherwise eligible under this chapter.