North Dakota Code 26.1-29-30 – New contract on transfer of insurance on mortgaged property – Effect of mortgagor’s acts
Current as of: 2023 | Check for updates
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If an insurer assents to the transfer of an insurance contract from a mortgagor to a mortgagee and at the time of the insurer’s assent imposes further obligations on the assignee, making a new contract with the assignee, the acts of the mortgagor cannot affect the mortgagee’s right under the insurance.
Terms Used In North Dakota Code 26.1-29-30
- Contract: A legal written agreement that becomes binding when signed.
- 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.