Maine Revised Statutes Title 24-A Sec. 3034 – Mortgagee’s policy void, unless consented to
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Terms Used In Maine Revised Statutes Title 24-A Sec. 3034
- 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.
When any mortgagee claims the benefit of sections 3030 to 3033, any policy of insurance that the mortgagee had procured or subsequently procures on the mortgagee’s interest in the same property by virtue of the mortgage is void, unless consented to by the insurer insuring the mortgagor‘s interest. [RR 2021, c. 1, Pt. B, §265 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §265 (COR).