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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Any mortgage loan may be increased by the withdrawal value of any savings account pledged to the association by the borrower or any savings account holder as additional security for such loan. Such savings account or accounts assigned or pledged as additional collateral security for the loan by the borrower or any other savings account owner may be released by the association whenever the mortgage loan meets all of the requirements of this act and may be legally made at the time of release without the requirement of additional collateral.
(b) An association may accept and hold additional collateral of any kind if the loan meets all of the requirements of this act and could have been legally made without such additional collateral.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-154. Additional collateral for mortgage loans - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-154/
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