Maine Revised Statutes Title 24-A Sec. 3030 – Lien established; application of payments
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Terms Used In Maine Revised Statutes Title 24-A Sec. 3030
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Personal property: All property that is not real property.
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
The mortgagee of any real estate or the mortgagee of any personal property has a lien upon any policy of insurance against loss by fire procured thereon by the mortgagor, to take effect from the time the mortgagee files with the insurer, at its home office, a written notice, briefly describing the mortgage, the estate conveyed thereby and the sum remaining unpaid thereon. If the mortgagor, by a writing by the mortgagor signed and filed with the secretary, consents that the whole of the sum secured by the policy, or so much as is required to discharge the amount due on the mortgage at the time when a loss occurs, will be applied to the payment of the mortgage, it must be so paid by the insurer, and the mortgagee’s receipt therefor is a sufficient discharge of the insurer. [PL 2021, c. 676, Pt. A, §37 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2021, c. 676, Pt. A, §37 (AMD).