Kentucky Statutes 304.7-250 – Special investments of title insurers
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(1) A title insurer may also have invested funds in an amount not exceeding fifty percent (50%) of its paid-in capital stock and its surplus, in its abstract plant and equipment and in stocks of abstract companies.
(2) A title insurer may also invest and have invested at any one time not in excess of twenty percent (20%) of its assets in loans to abstract companies, which loans are adequately secured as to principal and interest by chattel mortgages upon the books, maps, files, abstract records and other personal property of the mortgagor.
(3) Investments authorized under subsections (1) and (2) of this section shall not be credited against required reserves.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 7, sec. 25, effective June 18, 1970.
(2) A title insurer may also invest and have invested at any one time not in excess of twenty percent (20%) of its assets in loans to abstract companies, which loans are adequately secured as to principal and interest by chattel mortgages upon the books, maps, files, abstract records and other personal property of the mortgagor.
Terms Used In Kentucky Statutes 304.7-250
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Personal property: All property that is not real property.
(3) Investments authorized under subsections (1) and (2) of this section shall not be credited against required reserves.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 7, sec. 25, effective June 18, 1970.