standard mortgage clause

noun

: a mortgage clause that is usually considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or nonpayment)

called also union mortgage clause

Dictionary Entries Near standard mortgage clause

Cite this Entry

“Standard mortgage clause.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/standard%20mortgage%20clause. Accessed 20 Jul. 2024.

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