Insured obligations as legal investments and securities for deposit
(1) Obligations insured by mortgage insurance policies issued in conformity with the Insurance Code shall be legal investments for all trust funds held by any executor, administrator, conservator, trustee or other person or corporation holding trust funds, and also for the funds of banks, banking institutions and trust companies, and shall be accepted by this state and its officers and officials as securities constituting any part of any fund or deposit required by law to be made with this state, or any officer or official thereof, by any trust company doing business in this state. All premiums required to be paid according to the terms of any such mortgage insurance policy may be charged to or paid out of the income from the obligations covered thereby. In the case of such fund or deposit required by law, such obligations must constitute a first lien on real property that is worth at least double the amount of such lien.
(2) The provisions of subsection (1) of this section with respect to legal investments for funds shall also apply to obligations not so insured if:
(a) The obligation constitutes a first lien upon a marketable title to real property;
(b) There exists a lease insurance policy covering the property securing the obligation, issued in conformity with the Insurance Code;
(c) The aggregate lease payments so insured exceeds the amount of the obligation; and
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