Sec.32-13-33. Requirements re insured equipment

Latest version.

A security agreement to be eligible for insurance shall be on machinery and equipment held (1) in fee simple, certified as new equipment by the original manufacturer, or (2) in fee simple, refurbished and remodeled heavy duty capital machinery and equipment which has been guaranteed by the manufacturer with the same guarantee as new machinery and equipment with a usable life of at least twice the term of the loan request.

(Effective November 26, 1968)

                    
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