Arbyrd City Council Approves Ordinance
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| Arbyrd City Clerk Erma Branum, left, answers questions from Alderman Ron Branum, right, concerning the proposed ordinance establishging procedure for clean-up of real estate following casualty loss. Also pictured is Mayor Lonnie Gibson, Jr., center. photo by Joshua Payne |
Owners provided 30 days to repair, demolish damaged properties
ARBYRD, Mo.--The Arbyrd City Council recently approved an ordinance which creates a procedure for clean up of real estate after a casualty loss at a residence.
The ordinance procedure explains that only applies to residences destroyed by fire, explosion, or other casualty loss, which exceeds fifty percent of the face value of the insurance policy covering the structure.
In this situation, the ordinance determines that the insurer withholds ten percent of the covered claim payments, which is to be paid to the City of Arbyrd.
The City is required to deposit the payment in an interest-bearing account. Although, any mortgages named on the insurance policy shall maintain priority over any obligation created by the ordinance.




