mortgage clause

An insurance-policy provision that protects the rights of a mortgagee when the insured property is subject to a mortgage.

• Such a clause usu. provides that any insurance proceeds must be allocated between the named insured and the mortgagee “as their interests may appear.”

— Also termed mortgagee clause. See LOSS-PAYABLE CLAUSE; ATIMA. [Cases: Mortgages 201. C.J.S. Mortgages §§ 311–314.]

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词条贡献者

双语律师Shifang，知名法学院法律专业，擅长翻译各类与企业改组和重组相关的法律文件。