1. (a) The Bank Commissioner and the State Banking Board rule that this exception applies to obligations secured by pledge of bill of lading covering goods or commodities in process of shipment.
2. (b) It is immaterial whether the obligation is negotiable and whether it is one-name or two-name paper, but the exception applies only to paper in connection with a sale transaction.

Codification Notes: This section was promulgated as Section 47-502.2 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-47-502)"