§ 201.47. Use of marine insurance loss proceeds.
60 words·~1 min read·
/us/cfr/t22/s§ 201.47·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The borrower/grantee shall pay promptly to USAID a sum equal to the proceeds received by an importer or its assignee in settlement of a marine insurance claim under a marine insurance policy financed pursuant to this part 201, if such proceeds are not expended in the manner provided by § 201.26 within a reasonable period after receipt by the importer.