There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 247 PROMOTION OF AGRICULTURE AND HORTICULTURE
247.9473 Corporation may insure and reinsure agricultural loans.
Download pdfsecurity provisions, and reserve requirements as shall be determined by the
corporation in accordance with the rules and administrative regulations adopted by
the corporation. (2) Unless otherwise determined by the corporation, insurance on agricultural loans shall be in the amount of one hundred percent (100%) of the unpaid principal and
interest on each loan. (3) An insured agricultural loan shall be in default when the holder of the loan makes application to the corporation for payment of insurance on the loan stating that the
loan is in default in accordance with the terms of any agreement with respect to the
insurance executed pursuant to this section. (4) The corporation may enter into agreements with any person, lending institution, or holder of an insured agricultural loan upon the terms as may be agreed upon
between the corporation and any person, lending institution, or holder, to provide
for the administration, applications therefor, repayment thereof, and to establish the
conditions for payment of insurance by the corporation, and the servicing, suit upon,
or foreclosure of insured agricultural loans. Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 440, sec. 5, effective July 13, 1990.
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