385.065. Debtor to be informed of his option to use existing policies of insurance as security--policy may be obtained from any licensed insurer.
Debtor to be informed of his option to use existing policies ofinsurance as security--policy may be obtained from any licensedinsurer.
385.065. When life insurance or accident and sicknessinsurance is required or requested as additional security for anyindebtedness, the debtor shall be informed of the option offurnishing the required amount of insurance, or any portionthereof, through existing policies of insurance owned orcontrolled by him or of procuring and furnishing the requiredcoverage through any insurer authorized to transact suchinsurance business within this state.
(L. 1977 H.B. 610 § 12)