Sec. 302. Insurance on Creditor's Interest Only — If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.
Ind. Code § 24-4.5-4-302
Insurance on creditor's interest only
Known as the Uniform Consumer Credit Code
The act spans §§ 24-4.5-1-101 to 24-4.5-7-414 (251 sections).
Formerly: Acts 1971, P.L.366, SEC.5.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.