The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
INSURANCE ON BUILDINGS MORTGAGED TO CHARITABLE INSTITUTIONS
(Cite as: 27 V.S.A. § 741)
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§ 741. Insurance required
When funds of a charitable or eleemosynary institution are invested in a mortgage
on real estate, the buildings included shall be insured by the mortgagor in such company
duly authorized to transact business in this state as the trustees, directors, or
board of investment of such institution may designate; and the policies of insurance
shall be duly assigned, or the loss made payable to such institutions. The trustees,
directors, or board of investment may procure or renew such policy of insurance in
such company authorized to do business in this state, as they may elect, from year
to year, or for a longer or shorter period, if the mortgagor neglects so to do, and,
when necessary, the treasurer of such institution may sign premium notes, and may
charge the amount paid for such insurance to the mortgagor.