CHAPTER 22

An Act to amend the Code of Virginia by adding a section numbered
6-79.1, to provide that certain loans to manufacturing and industrial
businesses shall be classed as ordinary commercial loans. fH 11]

Approved February 17, 1960

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
6-79.1 as follows:

§ 6-79.1. Loans made to manufacturing and industrial businesses
where the bank looks for repayment out of the operations of the bor-
rower’s business, relying primarily on the borrower’s general credit
standing and forecast of operations, with or without other security, but
wishes to take a mortgage on the borrower’s real estate as a precaution
against contingencies, shall not be considered as real estate loans within
the meaning of § 6-78 but shall be classed as ordinary commercial loans.