Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Second Mortgage Considered as First Lien Under Section 6(a) of Regulation W as Long as Both Notes Are Held by Same Lender, Number S-444, Volume 56, Page 150

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150
S-4hh
Reg. ~'i

BOARD OF GOVErtNOH.S OF THE FEDEEAL H.ESEHVE SYSTEM
INTERPRETATION OF LAW OR F..EGULATION

March 4, 1942

vV-128.

If a lender who has made a loan secured by

a first mortgage makes 'lnother :oan to the same borrower secured by another mortgage 9n the

s~o..:;1e

property, and if there

are no intervening liens, the second mortgagu is a itfirst
lienr: within the meaning of see;t.l.on 6(a), as long as both
notes are held by the s2J!le lender.
This supersedes Interpretation h-.30.