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Code · Wisconsin · Chapter 632 — Insurance contracts in specific lines

632.104 Funds released to mortgagee.

108 words·~1 min read·/wi/chapter-632/632-104

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632.104 Funds released to mortgagee.
(1)First mortgage in default. The insurer shall release to a mortgagee funds withheld under s. 632.102 , in an amount and within the period provided in sub.
(2), if all of the following conditions are satisfied:
(a)The mortgagee holds a first mortgage on the real property with respect to which the funds are being withheld, and the mortgage is in default.
(b)The mortgage was executed before March 1, 1991.
(c)The mortgagee delivers to the insurer a written request for release of the funds within 15 days after delivery of the notice of withholding under s. 632.102
(3).
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