open mortgage clause

noun

Legal Definition of open mortgage clause

: 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

Learn More about open mortgage clause

Cite this Entry

“Open mortgage clause.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/open%20mortgage%20clause. Accessed 3 Dec. 2020.

Comments on open mortgage clause

What made you want to look up open mortgage clause? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

Test Your Vocabulary

Musical Words Quiz

  • gramophone
  • Which word describes a musical performance marked by the absence of instrumental accompaniment?
Spell It

Can you spell these 10 commonly misspelled words?

TAKE THE QUIZ
Add Diction

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!