California Code of Regulations
Title 2 - Administration
Division 4.5 - Local Agency Deposit Security
Chapter 2 - Administrator of Local Agency Security
Subchapter 1 - General Provisions
Article 5 - Miscellaneous
Section 16001.5.14 - First Lien

In determining for purposes of Government Code Section 53651(m) or this Chapter whether a promissory note is secured by a first lien on real property, the items described in Financial Code Section 766, unless an installment or payment thereunder (other than a rental or royalty under a lease) is due and delinquent, shall be disregarded.

1. New section filed 7-16-80; effective thirtieth day thereafter (Register 80, No. 29).

Note: Authority cited: Section 53661, Government Code. Reference: Section 53651, Government Code.