Nothing in this article shall prevent a mortgagee, lender, vendor, or holder from requiring insurance on the collateral security for a loan or exercising a reasonable privilege of approval or disapproval of the insurance provided for such purpose by the borrower, mortgagor or purchaser.

Terms Used In Arizona Laws 20-475

  • 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.
  Previous section
Next section  
 Article 7 Contents