Upon payment by the commission of the guaranteed part of the loss upon a default by a borrower, the commission shall be subrogated to the rights of the holder of the obligation upon the insured loan and is entitled to an assignment of the note or other evidence of the guaranteed loan by the holder.

[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(b).]

As added by P.L.2-2007, SEC.257.