The Vermont Statutes Online

Title 9: Commerce and Trade

Chapter 4: INTEREST

Sub-Chapter 1: Interest Generally

9 V.S.A. § 48. Excess insurance, proceeds



§ 48. Excess insurance, proceeds

If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficiary designated by the borrower, or to the estate of the insured, or applied in reduction of the debt. (Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.)