2009 Washington Code
Title 48 - Insurance
Chapter 48.12 - Assets and liabilities.
48.12.200 - Valuation of purchase money mortgages.
Valuation of purchase money mortgages.
(1) Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety percent of the fair value of such real property, whichever is less.
(2) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section, and consistent with such methods as then adopted by the National Association of Insurance Commissioners.
[1993 c 462 § 56; 1947 c 79 § .12.20; Rem. Supp. 1947 § 45.12.20.]
Notes: Severability -- Implementation -- 1993 c 462: See RCW 48.31B.901 and 48.31B.902.
Disclaimer: These codes may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
