Alabama § 27-22-64 Accrual of Interest

Alabama Statutes

§ 27-22-64 — Accrual of Interest

Alabama § 27-22-64

Title 27Insurance

Ch. 22Property Insurance Contracts

Art. 4Insurance Payments to Lender

This text of Alabama § 27-22-64 (Accrual of Interest) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-22-64 (2026).

Text

(a)If a lender fails to provide notice as required by Section 27-22-61 or Section 27-22-62, interest begins to accrue on the date the lender received the insurance proceeds.

(b)If a lender fails to release insurance proceeds as required by Section 27-22-62, interest begins to accrue on the date the lender receives sufficient evidence of the insured’s compliance with the requirements specified by the lender under Section 27-22-61 or Section 27-22-62 for release of the proceeds.

(c)Interest stops accruing on the date the lender complies with Section 27-22-61 or Section 27-22-62, as applicable.

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(a) If a lender fails to provide notice as required by Section 27-22-61 or Section 27-22-62, interest begins to accrue on the date the lender received the insurance proceeds.
(b) If a lender fails to release insurance proceeds as required by Section 27-22-62, interest begins to accrue on the date the lender receives sufficient evidence of the insured’s compliance with the requirements specified by the lender under Section 27-22-61 or Section 27-22-62 for release of the proceeds.
(c) Interest stops accruing on the date the lender complies with Section 27-22-61 or Section 27-22-62, as applicable.