§ 200.81. Disbursement of mortgage proceeds.
39 words·~1 min read·
/us/cfr/t24/s§ 200.81·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgagee shall be obligated, as a part of the mortgage transaction, to disburse the principal amount of the mortgage to the:
(a)Mortgagor or mortgagor's account;
(b)Mortgagor's creditors for the mortgagor's account, subject to the mortgagor's consent.