29.1511 Mortgage insurance.

Cite as [A.S.C.A. § 29.1511]

“Mortgage insurance” means insurance against financial loss by reason of:

(1) nonpayment of principal, interest and other sums agreed to be paid under the terms of an obligation secured by a mortgage, deed, or trust, or other instrument constituting a lien or charge on real or personal property; or

(2) nonpayment of rent and other sums agreed to be paid under the terms of a written lease for the possession, use or occupancy of real property, such insurance also being referred to as “lease insurance”.

History: 1974, PL 13-58 § 1.