Volume 796, Page 3662 View pdf image |
(d) The policy may be issued only if: (1) the policy reserves to the insurer the. right to require evidence of (2) the group of eligible debtors: (i) is receiving new entrants at the rate of at least 100 individuals yearly; or (ii) may reasonably be expected to receive at least 100 new entrants (e) (1) The amount of insurance on the life of a debtor may not exceed the (i) the amount the debtor owes to the creditor; and (ii) $50,000. (2) Except as provided in paragraph (3) of this subsection, if the (3) On default, extension, or recasting of the debt, the insurance may be (f) (1) The insurance shall be payable to the creditor. (2) The payment shall be used to reduce or extinguish the unpaid 17-206. (A) SUBJECT TO THE REQUIREMENTS OF THIS SECTION, A POLICY MAY BE (B) (1) THE DEBTORS ELIGIBLE FOR INSURANCE UNDER THE POLICY SHALL (2) THE POLICY MAY PROVIDE THAT THE TERM "DEBTORS" SHALL INCLUDE: (I) BORROWERS OF MONEY OR PURCHASERS OR LESSEES OF (II) THE DEBTORS OF ONE OR MORE SUBSIDIARY CORPORATIONS; AND
|
||||
Volume 796, Page 3662 View pdf image |
Tell Us What You Think About the Maryland State Archives Website!
|
An Archives of Maryland electronic publication.
For information contact
msa.helpdesk@maryland.gov.