Maine § 24-A §709-A Financial guaranty insurance defined

Maine Statutes

§ 24-A §709-A — Financial guaranty insurance defined

Maine § 24-A §709-A

Title 24-AMAINE INSURANCE CODE

Ch. 9KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE

This text of Maine § 24-A §709-A (Financial guaranty insurance defined) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §709-A (2026).

Text

The term "financial guaranty insurance" includes any insurance under which loss is payable upon proof of occurrence of any of the following events to the damage of an insured claimant or obligee:

1.Failure of any obligor or obligors on any debt instrument or other monetary obligation, including common or preferred stock, to pay when due the principal, interest, dividend or purchase price of the instrument or obligation, whether the failure is the result of a financial default or insolvency and whether or not the obligation is incurred directly or as guarantor by, or on behalf of, another obligor which has also defaulted;

2.Changes in the level of interest rates,whether short term or long term, or in the difference between interest rates existing in various markets;

3.Changes in the rate

Free access — add to your briefcase to read the full text and ask questions with AI

The term "financial guaranty insurance" includes any insurance under which loss is payable upon proof of occurrence of any of the following events to the damage of an insured claimant or obligee:
1.
Failure of any obligor or obligors on any debt instrument or other monetary obligation, including common or preferred stock, to pay when due the principal, interest, dividend or purchase price of the instrument or obligation, whether the failure is the result of a financial default or insolvency and whether or not the obligation is incurred directly or as guarantor by, or on behalf of, another obligor which has also defaulted;
2.
Changes in the level of interest rates,whether short term or long term, or in the difference between interest rates existing in various markets;
3.
Changes in the rate of exchange of currency, or from the inconvertibility of one currency into another for any reason; or
4.
Changes in the value of specific assets, including the residual value of property at the termination of a lease.