71-1-113. Limit on the amount of funds on reserve.
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/mt/title-71/chapter-1/part-1/71-1-113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
71-1-113 . Limit on the amount of funds on reserve. Except as provided in 71-1-114 , if a lending institution requires a borrower under a mortgage or trust indenture of real property to include in the borrower's regular payment additional payment into a reserve fund held by the lending institution for the future payment of property taxes, insurance premiums, and other expenses, the amount of funds on reserve may not exceed 110% of the projected amount needed to pay those expenses.