Alabama § 27-22-64 Accrual of Interest

Alabama Statutes

§ 27-22-64 — Accrual of Interest

Alabama·Title 27 Insurance·Ch. 22 Property Insurance Contracts·Art. 4 Insurance Payments to Lender

(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.

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