FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934, Section 17(a) of the Public Utility Holding Company
Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
S-P Properties, Inc.
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(Last) (First) (Middle)
5850 San Felipe
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(Street)
Houston Texas 77057
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(City) (State) (Zip)
2. Date of Event Requiring
Statement (Month/Day/Year) 9/24/96
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3. IRS or Social Security Number of
Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Property Secured Investments, Inc.
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5. Relationship of Reporting Person to Issuer (Check all applicable)
..... Director ..X.. 10% Owner
..... Officer (give title below) ..... Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check Applicabe Line)
..X.. Form filed by One Reporting Person
..... Form filed by More than One Reporting Person
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FORM 3 (continued)
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<CAPTION>
Table I -- Non-Derivative Securities Beneficially Owned
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1. Title of Security (Instr. 4) 2. Amount of 3. Ownership Form: 4. Nature of Indirect Beneficial
Securities Bene- Direct (D) or Ownership (Instr. 5)
ficially Owned Indirect (I)
(Instr. 4) (Instr. 5)
Common Stock 144,000 shares D N/A
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<S> <C> <C> <C>
</TABLE>
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FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g.,
puts, calls, warrants, options, convertible securities
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2. Date Exercisable 3. Title and Amount of 4. Con- 5. Ownership
and Expiration Date Securities Underlying version or Form of
(Month/Day/Year) Derivative Security (Instr. 4) Exercise Derivative
---------------- --------------------- Price of Security: 6. Nature of
Date Expira- Amount or Derivative Direct (D) Indirect
Exer- tion Number of Security or Indirect Beneficial
cisable Date Title Shares (I) (Instr. Ownership
1. Title of Derivative 5) (Inst. 5)
Security (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C>
Explanation of Responses:
** Intentional misstatements or omissions of facts /s/ Thomas N. Thurber 10/3/96
constitute Federal Criminal Violations. ----------------------------------- --------
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ** Signature of Reporting Person Date
President, S-P Properties, Inc.
Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, See
Instruction 6 for procedure.
</TABLE>
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