§431:6-309 Appraisal; insurance; limit. (a) The fair value of property shall be determined by appraisal by a competent appraiser at the time of the making or acquiring of a mortgage loan or investing in a contract for the deed thereon.
(b) Buildings and other improvements located on the mortgaged premises shall be kept insured for the benefit of the mortgagee against loss or damage from fire in an amount not less than the unpaid balance of the obligation, or the insurable value of the property, whichever is the lesser.
(c) An insurer shall not make or acquire a loan or loans upon the security of any one parcel of real property in an aggregate amount in excess of $250,000 or more than the amount permissible under section 431:6-105, whichever is the greater. [L 1987, c 347, pt of §2 as superseded by c 348, §12]
Section: Previous 431-6-302 431-6-303 431-6-304 431-6-305 431-6-306 431-6-307 431-6-308 431-6-309 431-6-310 431-6-311 431-6-312 431-6-313 431-6-314 431-6-315 431-6-316 NextLast modified: October 27, 2016