247.9473 Corporation may insure and reinsure agricultural loans.

199 words·~1 min read·/ky/chapter-247/247-9473

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The corporation is hereby authorized to insure and reinsure agricultural loans made

by lending institutions, subject to the terms, conditions, limitations, collateral and

security provisions, and reserve requirements as shall be determined by the

corporation in accordance with the rules and administrative regulations adopted by

the corporation.

(2)Unless otherwise determined by the corporation, insurance on agricultural loans

shall be in the amount of one hundred percent (100%) of the unpaid principal and

interest on each loan.

(3)An insured agricultural loan shall be in default when the holder of the loan makes

application to the corporation for payment of insurance on the loan stating that the

loan is in default in accordance with the terms of any agreement with respect to the

insurance executed pursuant to this section.

(4)The corporation may enter into agreements with any person, lending institution, or

holder of an insured agricultural loan upon the terms as may be agreed upon

between the corporation and any person, lending institution, or holder, to provide

for the administration, applications therefor, repayment thereof, and to establish the

conditions for payment of insurance by the corporation, and the servicing, suit upon,

or foreclosure of insured agricultural loans.