§48. Excess insurance, proceeds

Link to law: http://legislature.vermont.gov/statutes/section/09/004/00048
Published: 2015

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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.)