Section 58-16-29 - Payment to policyholder as reduction of indebtedness.
58-16-29. Payment to policyholder as reduction of indebtedness. The insurance under § 58-16-23 shall be payable to the policyholder. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment.
Source: SL 1966, ch 111, ch 24, § 1 (2) (e).