New Hampshire Revised Statutes 204-C:77 – Subrogation and Order of Payment
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Terms Used In New Hampshire Revised Statutes 204-C:77
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
Whenever the authority pays to a lender any sum in discharge of the state‘s liability as guarantor under this section, the authority shall be to that extent subrogated to the lender’s right, title and interest in any security pledged to the loan. Amounts received by the authority to discharge the state’s guarantee shall be returned to the treasury less any costs incurred in collection.