Senate Bill 16, La. R.S. 10:9-211, effective December 6, 2005, requires settlement monies on claims arising under homeowner insurance policies be paid jointly to claimant/mortgagee and mortgagor and that proceeds be placed in interest-bearing escrow account. Interest on proceeds of funds shall accrue to the benefit of the claimant. Defines "settlement proceeds" where funds in excess of $25,000. Click on bill for more details
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