Sec.32-13-45. Transfer of mortgage

Latest version.

(a) An insured mortgage on machinery and equipment may be transferred with the prior written approval of the commission. Such a transferee shall meet all the conditions and obligations of the original secured party. 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 upon the transfer by the secured party to any person, firm or corporation, public or private, without the prior approval required by subsection (a).

(Effective November 26, 1968)

                    
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