Indiana Code 21-16-4-15. Payment on loss; subrogation rights
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Terms Used In Indiana Code 21-16-4-15
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 15. Upon payment by the commission of the guaranteed part of the loss upon a default by a borrower, the commission shall be subrogated to the rights of the holder of the obligation upon the insured loan and is entitled to an assignment of the note or other evidence of the guaranteed loan by the holder.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(b).]
As added by P.L.2-2007, SEC.257.