(1) FIRST MORTGAGE IN DEFAULT. The insurer shall release to a mortgagee funds withheld under s. 632.102, in an amount and within the period provided in sub. (2), if all of the following conditions are satisfied: (a) The mortgagee holds a first mortgage on the real property with respect to which the funds are being withheld, and the mortgage is in default. (b) The mortgage was executed before March 1, 1991. (c) The mortgagee delivers to the insurer a written request for release of the funds within 15 days after delivery of the notice of withholding under s. 632.102 (3). (2) AMOUNT RELEASED; TIMING. If sub. (1) is satisfied, the insurer shall release to the mortgagee all or any portion of the funds withheld with respect to the mortgaged property as is necessary to satisfy an outstanding first lien mortgage of the mortgagee. The insurer shall release the funds within 10 days after receiving the request under sub. (1) (c).
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