Cal. Fin. Code § 7462

Current through the 2023 Legislative Session.
Section 7462 - Disbursement of proceeds of fire, flood, other hazard insurance

The provisions of any deed of trust or mortgage on real property which authorize an association, federal association, affiliate or service corporation of an association or federal association, or any successor in interest thereto, to receive and control the disbursement of the proceeds of any policy of fire, flood, or other hazard insurance respecting the property shall be enforceable whether or not impairment of the security interest in the property has resulted from the event that caused the proceeds of the insurance policy to become payable.

Ca. Fin. Code § 7462

Added by Stats. 1987, Ch. 397, Sec. 4.