West Virginia Code 31-18C-10 – Veterans’ loan payments used to pay bonds and interest; investment of remainder
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(a) There shall be paid into the general account in the veterans' mortgage fund all money from any and all loan payments made by veterans under the terms of the loans for the purpose of paying the interest on and principal of such bonds and from any other source whatsoever which is made liable by law or contract for the payment of the principal of such bonds or the interest thereon.
Terms Used In West Virginia Code 31-18C-10
- Contract: A legal written agreement that becomes binding when signed.
- Loan: means a veterans'. See West Virginia Code 31-18C-3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means the State of West Virginia. See West Virginia Code 31-18C-3
(b) Moneys from time to time in the general account in the fund in excess of the amount currently required for the payment of the due principal of, or interest on, the bonds, and the current expenses of the fund shall be invested by the State Treasurer at the direction of the Governor.