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1. The mortgagee may collect from the insurer upon the occurrence of the loss to the extent
of his credit.
2. Unless otherwise stated in the policy, the mortgagor has no right to collect the balance
of the proceeds of the policy after payment of the interest of the mortgagee.
3. The insurer, upon payment to the mortgageeinsured, becomes subrogated to the rights of
the mortgagee against the mortgagor and may collect the debt of the mortgagor to the
extent of the amount paid to the mortgagee.
4. The mortgagee-insured can no longer collect the mortgagor’s indebtedness after receiving
full payment of his credit from the insurer since the latter thereby acquires the right to collect from the mortgagor by virtue of subrogation.
of his credit.
2. Unless otherwise stated in the policy, the mortgagor has no right to collect the balance
of the proceeds of the policy after payment of the interest of the mortgagee.
3. The insurer, upon payment to the mortgageeinsured, becomes subrogated to the rights of
the mortgagee against the mortgagor and may collect the debt of the mortgagor to the
extent of the amount paid to the mortgagee.
4. The mortgagee-insured can no longer collect the mortgagor’s indebtedness after receiving
full payment of his credit from the insurer since the latter thereby acquires the right to collect from the mortgagor by virtue of subrogation.
