Sec.32-13-22. Assignment of insured mortgages

Latest version.

(a) An insured mortgage may be transferred only to a transferee who is a mortgagee approved by the commission. Upon such transfer and the assumption by the transferee of all obligations under the contract of insurance, the transferor shall be released from its obligations under the contract of insurance.
(b) The contract of insurance shall terminate with respect to mortgages described in subsection (a) of this section upon the transfer or pledge of the insured mortgage to any person, firm, or corporation, public or private, other than an approved mortgagee.

                    
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