standard mortgagee clause

A loss payable clause for the protection of the interest of a mortgagee of the insured property, in a form prescribed by statute. 29 Am J Rev ed Ins. § 731. See union mortgage clause.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • standard mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… …   Financial and business terms

  • standard mortgage clause — n: a mortgage clause that is usu. considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or… …   Law dictionary

  • mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… …   Financial and business terms

  • New York mortgagee clause — See standard mortgagee clause …   Financial and business terms

  • standard — Stability, general recognition, and conformity to established practice. Standard Accident Ins. Co. v. Standard Surety & Casualty Co., D.C.N.Y., 53 F.2d 119, 120. A type, model, or combination of elements accepted as correct or perfect. A measure… …   Black's law dictionary

  • lender's loss payable clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the personal property version of the standard… …   Financial and business terms

  • mortgage clause — n: a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause Merriam Webster’s Dictionary of Law. Merriam… …   Law dictionary

  • Loss payee clause — A loss payee clause (or loss payable clause) is a clause in a contract of insurance which provides that in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the… …   Wikipedia

  • insured — Ordinarily, synonymous with assured. 29 Am J Rev ed Ins § 239. The person in whose favor a contract of insurance is operative and who is indemnified against, or is to receive a certain sum upon, the happening of a specified contingency or event.… …   Ballentine's law dictionary

  • Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.