Law360, New York ( October 5, 2015, 10:53 AM EDT) -- Loan docs generally require a borrower to provide insurance on collateral in favor of the lender. The borrower presents the lender with a policy declaration page listing the lender as a "loss payee"; this is known as an open mortgage, loss payee or loss payable clause. The lender is protected if there is a covered loss, correct? To answer that question, we must first answer this one: what rights does a "loss payee" have under such a clause?...
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
A Law360 subscription includes features such as
- Daily newsletters
- Expert analysis
- Mobile app
- Advanced search
- Judge information
- Real-time alerts
- 450K+ searchable archived articles
And more!
Experience Law360 today with a free 7-day trial.