Encyclopedia
Borrower's Liability Insurance
Borrower's liability insurance - insurance of the risk of one's liability to the creditor for non-performance or improper performance of the obligation to repay the principal amount of the debt and to pay interest for the use of the loan (borrowed funds)1.
Federal Law No. 102-FZ dated July 16, 1998 "On Mortgage (Real Estate Pledge)", as amended on June 6, 2019, Article 31, paragraph 4 // Official Gazette of the Russian Federation. 1998. No. 29. Item 3400. ↩