If a loan is secured by mortgage, deed of trust or other similar instrument on real estate, the mortgage, deed of trust or other instrument shall contain provisions requiring the maintenance of insurance on the buildings on the premises to the reasonable amount as stipulated in the mortgage, deed of trust or other instrument. The policy shall be payable, in case of loss, to the savings bank and shall be deposited with the savings bank except where the savings bank’s interest is insured under a blanket policy of insurance. [1973 c.797 §371g; 1985 c.554 §11]
Section: Previous 716.556 716.558 716.560 716.562 716.564 716.565 716.566 716.568 716.570 716.572 716.574 716.575 716.576 716.578 716.582 NextLast modified: August 7, 2008