Connecticut General Statutes 49-73f – Municipal ordinance providing for release or return of insurance proceeds
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Any municipality may adopt an ordinance providing for the release or return to the insured of any proceeds subject to a lien, to which it would otherwise be entitled, provided the insured agrees with the municipality to restore the affected premises to at least the same condition that it was in prior to the time that such lien of the municipality arose, subject to such conditions as such ordinance shall provide in order to guarantee performance of such obligation.
Terms Used In Connecticut General Statutes 49-73f
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Ordinance: means an enactment under the provisions of §. See Connecticut General Statutes 1-1