Pursuant to a resolution of its board of directors, a state bank may pledge its assets for the following purposes, and for no other purposes:
1. To secure deposits when a customer is required to obtain such security by the laws of the United States, by any agency or instrumentality of the United States, by the laws of the state of Iowa, by the state board of regents, by a resolution or ordinance relating to the issuance of bonds, by the terms of any interstate compact or by order of any court of competent jurisdiction.
2. To secure money borrowed by the state bank, provided that capital notes or debentures issued pursuant to section 524.404 shall not in any event be secured by a pledge of assets or otherwise.
3. To secure participations sold to the federal agricultural mortgage corporation.
[S13, § 1889-c; C24, 27, § 9268; C31, 35, § 9222-c2, 9222-c3, 9268; C39, § 9222.2, 9222.3, 9268; C46, 50, 54, 58, 62, 66, § 528.12, 528.13, 528.66; C71, 73, 75, 77, 79, 81, § 524.814]
89 Acts, ch 257, §9
Referred to in § 524.1601
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