Arizona Laws 20-473. Obligation of mortgagee to furnish mortgagor copies of insurance policy
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Whenever the mortgagee or a person acting for the mortgagee, by the terms of the mortgage agreement retains possession of the original policy of insurance insuring collateral security for a mortgage, and the mortgagee or his agent has procured the issuance of the insurance, then such mortgagee or his agent shall furnish the borrower, mortgagor or purchaser with a copy of the insurance policy.
Terms Used In Arizona Laws 20-473
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215