99A.070 Reimbursement from mortgage guaranty fund.
78 words·~1 min read·
/ky/chapter-99a/99a-070A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If any insurer pursuant to the terms of the special endorsement to a guaranty makes
payment upon a defaulted loan to the holder thereof, he shall apply to the executive
director for reimbursement out of the mortgage guaranty fund for the amount
guaranteed by the special endorsement.
(2)Upon payment to an insurer pursuant to subsection
(1)of this section, the mortgage
guaranty fund shall be subrogated to the rights of the mortgagee for such amount
paid.