- open mortgage clause
- Same as simple loss-payable clause.
Ballentine's law dictionary. Anderson, W.S.. 1998.
open mortgage clause
Look at other dictionaries:
open mortgage clause — n: a mortgage clause which provides that payments go first to the mortgagee to the extent of its interest and which makes the mortgagee s right to receive payment dependent on the mortgagor s right to recover under the policy – called also simple … Law dictionary
open mortgage clause — See union mortgage clause … Black's law dictionary
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
simple mortgage clause — n: open mortgage clause Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
union mortgage clause — A clause, as in a fire policy (together with the rider making the loss, if any, payable to the mortgagee), which provides that if the policy is made payable to a mortgagee of the insured real estate, no act or default of any person other than… … Black's law dictionary
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
Commercial mortgage — Finance Financial markets Bond market … Wikipedia
future advance clause — A clause in an open end mortgage or deed of trust which allows the borrower to borrow additional sums at a future time, secured under the same instrument and by the same real property security … Black's law dictionary
future advance clause — A clause in an open end mortgage or deed of trust which allows the borrower to borrow additional sums at a future time, secured under the same instrument and by the same real property security … Black's law dictionary
