70C-6-302 - Insurance on creditor's interest only.
70C-6-302. Insurance on creditor's interest only.
If a creditor contracts for or receives a separate charge for insurance against loss of ordamage to property, the risk of loss or damage not willfully caused by the debtor is on the debtoronly to the extent of any deficiency in the effective coverage of the insurance, even though theinsurance covers only the interest of the creditor.
Enacted by Chapter 159, 1985 General Session