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Missouri homeowner files damage claim with insurance

company, and, receives $150,000. Insurance...
Missouri homeowner files damage claim with insurance company, and, receives $150,000. Insurance check is written jointly to homeowner & servicer; signed by homeowner and sent to servicer for deposit. Are these funds required to be deposited in, and, maintained in a segregated. federally insured account during the damage repair process? What is the Missouri law that governs the handling of the insurance proceeds?Url deals with issue, but with no backup..
http://eoplugin.commpartners.com/afsa/afsa_080916_state_escrow_laws_handout.pdf
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Answered in 3 hours by:
9/29/2017
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 11,138
Experience: Just Answer consultant at Self employed
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Hello; Thank you for your patience as I reviewed your question.

The courts in MO adhere to the terms of the contract as between the homeowner and the lender. Basically if the loan terms allow the lender to apply the proceeds to the balance of the loan, the lender can act accordingly, even without the consent of the homeowner. The courts have taken a back seat role in this and allow the terms of the contract to govern (for example, CA will actually void such a clause but MO has no such provision)

Please see here

Also please see here for a powerpoint that addresses these scenarios.

I could not find any authority that requires such proceeds to be kept in escrow if it is to be used towards rebuilding; when there is no statutory mandate then the court will look to the terms of the contract to determine the parties' obligations.

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legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 11,138
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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