Kentucky Statutes 99A.070 – Reimbursement from mortgage guaranty fund
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(1) If any insurer pursuant to the terms of the special endorsement to a guaranty makes payment upon a defaulted loan to the holder thereof, he shall apply to the executive director for reimbursement out of the mortgage guaranty fund for the amount guaranteed by the special endorsement.
(2) Upon payment to an insurer pursuant to subsection (1) of this section, the mortgage guaranty fund shall be subrogated to the rights of the mortgagee for such amount paid.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 174, sec. 8, effective July 13, 1984.
(2) Upon payment to an insurer pursuant to subsection (1) of this section, the mortgage guaranty fund shall be subrogated to the rights of the mortgagee for such amount paid.
Terms Used In Kentucky Statutes 99A.070
- Insurer: means any company qualified to write mortgage guaranty insurance in accordance with Subtitle 23 of KRS Chapter 304. See Kentucky Statutes 99A.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage guaranty fund: means the fund created pursuant to KRS §. See Kentucky Statutes 99A.010
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 174, sec. 8, effective July 13, 1984.