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The Vermont Statutes Online
Title
09
:
Commerce and Trade
Chapter
004
:
INTEREST
Subchapter
001
:
INTEREST GENERALLY
§
48. Excess insurance, proceeds
If a loan is
paid before its due date as the result of the death of a borrower insured under
a creditor life insurance policy and the insurance proceeds exceed the amount
owing on the loan with interest, the excess shall be refunded to a beneficiary
designated by the borrower, or to the estate of the insured, or applied in
reduction of the debt. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)