An insurer may invest any of its funds in:
(1)(a) Bonds or evidences of debt which are secured by first
mortgages or deeds of trust on improved unencumbered real
property located in the United States;
(b) Chattel mortgages in connection therewith pursuant to
RCW 48.13.150;
(c) The equity of the seller of any such property in the
contract for a deed, covering the entire balance due on a bona
fide sale of such property, in amount not to exceed ten thousand
dollars or the amount permissible under RCW 48.13.030, whichever
is greater, in any one such contract for deed.
(2) Purchase money mortgages or like securities received by
it upon the sale or exchange of real property acquired pursuant
to RCW 48.13.160 as amended by section 7, chapter 241, Laws of
1969 ex. sess.
(3) Bonds or notes secured by mortgage or trust deed
guaranteed or insured by the Federal Housing Administration under
the terms of an act of congress of the United States of June 27,
1934, entitled the "National Housing Act," as amended.
(4) Bonds or notes secured by mortgage or trust deed
guaranteed or insured as to principal in whole or in part by the
Administrator of Veterans' Affairs pursuant to the provisions of
Title III of an act of congress of the United States of June 22,
1944, entitled the "Servicemen's Readjustment Act of 1944," as
amended.
(5) Evidences of debt secured by first mortgages or deeds of
trust upon leasehold estates, except agricultural leaseholds
executed pursuant to *RCW 79.01.096, running for a term of not
less than fifteen years beyond the maturity of the loan as made
or as extended, in improved real property, otherwise
unencumbered, and if the mortgagee is entitled to be subrogated
to all the rights under the leasehold.
(6) Evidences of debt secured by first mortgages or deeds of
trust upon agricultural leasehold estates executed pursuant to
*RCW 79.01.096, otherwise unencumbered, and if the mortgagee is
entitled to be subrogated to all the rights under the leasehold.
[1975 1st ex.s. c 154 § 1; 1969 ex.s. c 241 § 4; 1947 c 79 § .13.11; Rem. Supp. 1947 § 45.13.11.]
NOTES:
*Reviser's note: RCW 79.01.096 was recodified as RCW 79.11.010 pursuant to 2003 c 334 § 556. For agricultural leaseholds, see RCW 79.13.060.