(a) If a lender fails to provide notice as required by Section 27-22-61 or Section 27-22-62, interest begins to accrue on the date the lender received the insurance proceeds.
Terms Used In Alabama Code 27-22-64
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(b) If a lender fails to release insurance proceeds as required by Section 27-22-62, interest begins to accrue on the date the lender receives sufficient evidence of the insured’s compliance with the requirements specified by the lender under Section 27-22-61 or Section 27-22-62 for release of the proceeds.(c) Interest stops accruing on the date the lender complies with Section 27-22-61 or Section 27-22-62, as applicable.
