open mortgage clause

open mortgage clause
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 mortgage clause;

Merriam-Webster’s Dictionary of Law. . 1996.

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Look at other dictionaries:

  • open mortgage clause — See union mortgage clause …   Black's law dictionary

  • open mortgage clause — Same as simple loss payable clause …   Ballentine'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

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