Current through Register Vol. XLI, No. 50, December 13, 2024
Section 114-7-4 - Transfer Of Note4.1. Time of transfer. -- Promissory notes should not be sold or otherwise transferred by the payee nor any commissions on the sale paid to the agent until the printed form described in Section 3.1 of these rules, above, executed by the insured, has been received in the home office of the insurer.4.2. Notice of transfer. -- The insurer shall notify the note maker (insured) and any co-makers regarding the sale or transfer of the note after such sale or transfer, inviting any questions relative to the note or the policy which is used as collateral security for the note. Such notice may be given by the purchaser, transferee or assignee of the note, but the insurer is charged with the ultimate responsibility to give notice.