Texas Insurance Code 862.055 – Fire Insurance: Interest of Mortgagee or Trustee
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(a) The interest of a mortgagee or trustee under a fire insurance contract covering property located in this state may not be invalidated by:
(1) an act or neglect of the mortgagor or owner of the property; or
(2) the occurrence of a condition beyond the mortgagor’s or owner’s control.
(b) A provision of a contract that conflicts with Subsection (a) is void.
Terms Used In Texas Insurance Code 862.055
- Contract: A legal written agreement that becomes binding when signed.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.