SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
August 17, 1998
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Date of Report(Date of earliest event reported)
SECURITY PACIFIC NATIONAL BANK,
(now Bank of America National Trust & Savings Association)
as Servicer of certain home equity loans
conveyed to a trust which trust issued
SPNB Home Equity Loan Asset Backed Certificates
(the "Certificates"), Series 1991-2,
Class B
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(Exact name of registrant as specified in charter)
U.S.A. 0-19413 95-2772475
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Bank of America NT&SA
As Successor by Merger to
Security Pacific National Bank
555 California Street
San Francisco, CA 94104
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(Address of principal executive offices) (Zip Code)
(415) 622-3530
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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(a) On August 17, 1998, Bank of America NT&SA, successor by merger to
Security Pacific National Bank, as Paying Agent (the "Paying
Agent"), made a distribution to Holders of Certificates
pursuant to Article 5 of the Pooling and Servicing Agreement
dated as of July 1, 1991 between Security Pacific National Bank,
as Seller and Servicer, and The First National Bank of Chicago,
as Trustee (the "Pooling and Servicing Agreement"). A copy of
the Pooling and Servicing Agreement was filed as Exhibit 4.1
on Form 8-A of the Registration Statement of Security Pacific
National Bank, as Servicer of certain home equity loans conveyed
to a trust which trust issued the Certificates on July 31, 1991.
Section 5.03 of the Pooling and Servicing Agreement provides that
with each distribution of principal and interest to Holders of
Certificates, the Servicer will prepare and include a statement
setting forth information with respect to the Certificates and the
distribution (the "Monthly Statement"). A copy of the Monthly
Statement for August 1998 is attached hereto as Exhibit 21.85.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
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Exhibit
Number Description
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21.85 Monthly Statement for August 1998
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Security Pacific National Bank, as Servicer,
By Bank of America NT&SA, as Successor by Merger,
SPNB Home Equity Loan Asset Backed Certificates,
Series 1991-2, Class B.
(Registrant)
Date: August 17, 1998
By: /s/ JOSEPH COLLINS
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Name: Joseph Collins
Title: Vice President
EXHIBIT INDEX
Exhibit
Number Description
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21.85 Monthly Statement for August 1998
<PAGE>
STATEMENT TO CERTIFICATEHOLDERS
Security Pacific National Bank Current Collection Period:
01-Jul-98 to 31-Jul-98
SPNB Home Equity Loan Asset Backed Securities P & S Agreement Date:
8.10% Class A Certificates, Series 1991-2 Original Settlement Date:
8.15% Class B Certificates, Series 1991-2 Distribution Date: 17-Aug-98
Distribution to Holders of Class A Certificates (per Certificate
with a $1,000 denomination)
1.00 i. Amount Allocable to Class A Monthly Principal 0.000000
ii. Amount of Class A Principal Shortfall 0.000000
iii. Carryover Class A Principal Shortfall After Such
Distribution 0.000000
2.00 i. Amount Allocable to Class A Monthly Interest 0.000000
ii. Amount of Class A Interest Shortfall 0.000000
iii. Amount of Class A Carryover Interest Shortfall 0.000000
iv. Remaining Class A Carryover Interest Shortfall After
Such Distribution 0.000000
Distribution to Holders of Class B Certificates (per Certificate
with a $1,000 denomination)
3.00 i. Amount Allocable to Principal from Draw 34.937249
Amounts and Remaining Funds, or Amount
Allocable to Class B Monthly Principal
4.00 i. Amount Allocable to Class B Monthly Interest 0.237282
ii. Amount of Class B Interest Shortfall 0.000000
iii. Amount of Class B Carryover Interest Shortfall 0.000000
iv. Remaining Class B Carryover Interest Shortfall After
Such Distribution 0.000000
5.00 i. Ending Class A Certificate Principal Balance 0.00
ii. Ending Class A Principal Factor 0.000000%
6.00 i. Ending Class B Certificate Principal Balance 0.00
ii. Ending Class B Principal Factor 0.000000%
7.00 i. Ending Pool Balance 65,332,090.01
ii. Ending Pool Factor 6.788779%
8.00 i. Amount of Voluntary Advances 0.00
9.00 i. Number of Mortgage Loans 30 to 59 Days Delinquent 56
ii. Percentage of Mortgage Loans 30 to 59 Days Delinquent 2.49%
iii. Aggregate Principal Balances of Mortgage Loans 30 to
59 Days Delinquent 2,209,345.14
iv. Percentage of Principal Balances 30 to 59 Days
Delinquent 3.38%
v. Number of Mortgage Loans 60 to 89 Days Delinquent 7
vi. Percentage of Mortgage Loans 60 to 89 Days Delinquent 0.31%
vii. Aggregate Principal Balances of Mortgage Loans 60 to
89 Days Delinquent 182,105.08
viii. Percentage of Principal Balances 60 to 89 Days
Delinquent 0.28%
ix. Number of Mortgage Loans 90 or More Days Delinquent 15
x. Percentage of Mortgage Loans 90 or More Days Delinquent 0.67%
xi. Aggregate Principal Balances of Mortgage Loans 90 or
More Days Delinquent 870,812.41
xii. Percentage of Principal Balances 90 or More Days
Delinquent 1.33%
10.00 i. Aggregate Principal Balance of Mortgage Loans in
Foreclosure 0.00
ii. Number of Mortgage Loans in Foreclosure 3.00
iii. Book Value of Real Estate Acquired Through Foreclosure
or Grant of a Deed 150,000.00
11.00 Class B Reserve Fund Amount 4,811,770.00
(after giving effect to all distributions for
such Distribution Date)
