24-A §3030. Lien established; application of payments
§3030. Lien established; application of payments 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, […]
24-A §3031. Enforcement of lien
§3031. Enforcement of lien If the mortgagor does not consent as provided for in section 3030, the mortgagee of any real estate may, at any time within 60 days after a loss, and the mortgagee of any personal property may at any time within 30 days after a loss, enforce the mortgagee’s lien by a […]
24-A §3032. Application of amount recovered
§3032. Application of amount recovered The amount recovered under section 3031 shall be applied first to the payment of the costs of the civil action and officer’s fees on the execution and next to the payment of the amount due on the mortgage. The balance, if any, shall be retained by the insurer and paid […]
24-A §3033. Priority of mortgagees
§3033. Priority of mortgagees When 2 or more mortgagees claim the benefit of sections 3030 to 3032, their rights shall be determined according to the priority of their claims and mortgages by the principles of law. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A §3034. Mortgagee’s policy void, unless consented to
§3034. Mortgagee’s policy void, unless consented to When any mortgagee claims the benefit of sections 3030 to 3033, any policy of insurance that the mortgagee had procured or subsequently procures on the mortgagee’s interest in the same property by virtue of the mortgage is void, unless consented to by the insurer insuring the mortgagor’s interest. […]