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286 S-306 Reg. W-26 INTERPRETATION OF LAW OR REGULATION (Copies to be sent to all Federal Reserve Banks) September 5> 194-1 TELEGRAM Federal Reserve Bank of Boston New York Philadelphia Cleveland Minneapolis Kansas City Dallas San Francisco Richmond Atlanta Chicago St. Louis "First lien" referred to in section 6(a) of Regulation W means any first lien created by agreement of the parties at the time of or as an incident to the extension of credit, including first mortgages, first deeds of trust, and the like. It does not, however, include a lien arising t y operation of law, inder pendently of such an agreement, under statutes such as those designed to protect furnishers of labor or material. A lien of the kind existing in some jurisdictions which is sometimes referred to as a mechanic's lien but which is a first lien created by agreement of the parties, and not by operation of law under a statute, is a "first lien" under section 6(a). (Signed) Chester Morrill Morrill
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