Business prohibited title companies

No corporation qualified to engage in the business of title insurance under this chapter shall guarantee the payment of any note, bond, mortgage or obligation of any other person or corporation, or execute collateral trust indentures as principal, or issue bonds secured by mortgages pledged under collateral trust indentures or certificates of participation in notes or mortgages, or engage in the business of banking. Acts 1955, ch. 173, § 3; T.C.A., § 56-3404. No corporation qualified to engage in the business of title insurance under this chapter shall guarantee the payment of any note, bond, mortgage or obligation of any other person or corporation, or execute collateral trust indentures as principal, or issue bonds secured by mortgages pledged under collateral trust indentures or certificates of participation in notes or mortgages, or engage in the business of banking. Acts 1955, ch. 173, § 3; T.C.A., § 56-3404.