632.103 Procedure for payment of withheld funds.
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632.103 Procedure for payment of withheld funds.
(1)Release to 1st class city.
(a)To qualify for reimbursement of expenses under sub.
(2), the 1st class city must do any of the following:
1. Commence proceedings under s. 66.0413 , 254.595 or 823.04 or under a local ordinance relating to demolition or abatement of nuisances, with respect to the building or other structure for which the funds are withheld.
2. Obtain a release signed by the named insured consenting to demolition of the building or other structure with respect to which the funds are withheld.
(b)The 1st class city shall commence proceedings under par.
(a)1. or obtain the release under par.
(a)2. after the occurrence of the loss to the building or other structure by fire or explosion but within 90 days after delivery of the notice of withholding under s. 632.102
(3).
(c)When proceedings described in par.
(a)1. are commenced, the 1st class city shall notify, in writing, the insurer, the named insured and any mortgagee or other lienholder identified in the notice of withholding under s. 632.102
(b)2. that the proceedings are commenced.
(d)The 1st class city shall release all interest in the amount withheld under s. 632.102
(2)and the insurer shall promptly pay that amount to the named insured and other interests named in the policy if any of the following occurs:
1. The 1st class city fails to commence proceedings described in par.
(a)1. or obtain a release described in par.
(a)2. within the period provided in par.
(b).
2. The 1st class city fails to notify the insurer as provided in par.
(c).
(2)Reimbursement of expenses.
(a)If the 1st class city satisfies sub.
(a)and
(b)and, if applicable, notifies the insurer as required in sub.
(c), the insurer shall promptly upon receiving the statement under par.
(b)deliver to the 1st class city funds withheld from the named insured’s final settlement under s. 632.102
(2), to the extent necessary to reimburse the 1st class city for any of the following expenses: