§ 38.2-1419. Railroad terminal and other securities
A domestic insurer may invest in obligations secured by first mortgages, first deeds of trust or other similar liens upon terminal, depot or tunnel property, including lands, buildings and appurtenances, used in the service of transportation by one or more railroad corporations whose obligations are eligible as investments under § 38.2-1421. However, these obligations shall be (i) the direct obligation of the corporation or corporations, or (ii) guaranteed by endorsement by, or guaranteed by endorsement assumed by the corporation for the payment of principal and interest of those obligations. If the guarantee or assumption of guarantee is by two or more of the corporations, it shall be joint and several as to each. No such investment shall be made if there has been any default in the payment of principal or interest since the issuance of the obligations but not to exceed five years from the date of investment.
(1983, c. 457, § 38.1-217.22; 1986, c. 562.)
Sections: Previous 38.2-1412 38.2-1413 38.2-1414 38.2-1415 38.2-1416 38.2-1417 38.2-1418 38.2-1419 38.2-1420 38.2-1421 38.2-1422 38.2-1423 38.2-1424 38.2-1425 38.2-1426 NextLast modified: April 16, 2009