24-A §3049-A. Transfer on death deed; provision and cancellation of property insurance
§3049-A. Transfer on death deed; provision and cancellation of property insurance 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Designated beneficiary” has the same meaning as in Title 18‑C, section 6‑402, subsection 2. [PL 2021, c. 497, §1 (NEW).] B. “Insurable […]
24-A §3020. Policy and deposit note one contract; insolvency; liability of insured; note surrendered
§3020. Policy and deposit note one contract; insolvency; liability of insured; note surrendered 1. A policy of insurance issued by a fire or marine insurer, domestic or foreign, and a deposit note given therefor are one contract. A loss under such policy or other equitable claims may be proved in defense to the note, though […]
24-A §3050. Delivery of notice
§3050. Delivery of notice A notice of cancellation of a policy is not effective unless received by the named insured at least 20 days prior to the effective date of cancellation, or, when the cancellation is for nonpayment of premium, at least 10 days prior to the effective date of cancellation. Like notice must also […]
24-A §3021. Lien on insured real estate
§3021. Lien on insured real estate Any fire insurer shall have a lien against the insured, on the buildings insured and the land appurtenant thereto, for the amount at any time due on the note referred to in section 3020, to commence from the time of the recording of the same, and to continue 60 […]
24-A §3022. Lien continues on deceased’s property; policy descends to estate
§3022. Lien continues on deceased’s property; policy descends to estate Upon the death of a member, the lien of the insurer remains good on the property insured to the amount due on the deposit note, and the policy descends to the executor or administrator of the deceased for the benefit of the estate during its […]
24-A §3030. Lien established; application of payments
§3030. Lien established; application of payments The mortgagee of any real estate or the mortgagee of any personal property has a lien upon any policy of insurance against loss by fire procured thereon by the mortgagor, to take effect from the time the mortgagee files with the insurer, at its home office, a written notice, […]
24-A §3031. Enforcement of lien
§3031. Enforcement of lien If the mortgagor does not consent as provided for in section 3030, the mortgagee of any real estate may, at any time within 60 days after a loss, and the mortgagee of any personal property may at any time within 30 days after a loss, enforce the mortgagee’s lien by a […]
24-A §3032. Application of amount recovered
§3032. Application of amount recovered The amount recovered under section 3031 shall be applied first to the payment of the costs of the civil action and officer’s fees on the execution and next to the payment of the amount due on the mortgage. The balance, if any, shall be retained by the insurer and paid […]
24-A §3033. Priority of mortgagees
§3033. Priority of mortgagees When 2 or more mortgagees claim the benefit of sections 3030 to 3032, their rights shall be determined according to the priority of their claims and mortgages by the principles of law. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A §3034. Mortgagee’s policy void, unless consented to
§3034. Mortgagee’s policy void, unless consented to When any mortgagee claims the benefit of sections 3030 to 3033, any policy of insurance that the mortgagee had procured or subsequently procures on the mortgagee’s interest in the same property by virtue of the mortgage is void, unless consented to by the insurer insuring the mortgagor’s interest. […]