[Code of Federal Regulations]

[Title 13, Volume 1]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 13CFR123.10]



[Page 345]

 

                TITLE 13--BUSINESS CREDIT AND ASSISTANCE

 

                CHAPTER I--SMALL BUSINESS ADMINISTRATION

 

PART 123_DISASTER LOAN PROGRAM--Table of Contents

 

                           Subpart A_Overview

 

Sec. 123.10  What happens if I cannot use my insurance proceeds to make 

repairs?



    If you must pay insurance proceeds to the holder of a recorded lien 

or encumbrance against your damaged property instead of using them to 

make repairs, you may apply to SBA for the full amount needed to make 

such repairs. If you voluntarily pay insurance proceeds to a recorded 

lienholder, your loan eligibility is reduced by the amount of the 

voluntary payment.