58-27-38. Equity of seller of real property in contract for deed--Maximum amount of investment. An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§ 58-27-52 to 58-27-60, inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:
(1) If a dwelling primarily designed for single-family occupancy and occupied by the purchaser under such contract, seventy-five percent.
(2) In all other cases, seventy-five percent.Source: SL 1966, ch 111, ch 6, § 24 (2).
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