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2021 Vermont Statutes
Title 9 - Commerce and Trade
Chapter 4 - Interest
§ 48. Excess insurance, proceeds
Universal Citation:
9 VT Stats § 48 (2021)
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§ 48. Excess insurance, proceeds
If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficiary designated by the borrower, or to the estate of the insured, or applied in reduction of the debt. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)
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