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

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Dictionary Entries Near open mortgage clause

open market

open mortgage clause

open order

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Cite this Entry

“Open mortgage clause.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/open%20mortgage%20clause. Accessed 22 Jan. 2022.

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