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Re: TERM: Vinkulace

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  • Liz Spacilova
    Thank you, Michael. That was very helpful and informative. As there really isn t any more to the sentence than that what I wrote, I will just stick with the
    Message 1 of 11 , Jul 13, 2007
      Thank you, Michael. That was very helpful and informative. As there
      really isn't any more to the sentence than that what I wrote, I will
      just stick with the "(manufacturer) named as the loss payee" option.

      Thanks everyone again,

      Liz

      > I'd be inclined to call that a "loss payable clause"
      a/k/a "mortgagee
      > clause," naming the manufacturer as the loss payee. It might even
      be
      > a "lender's loss payable clause," but it would take some further
      > research to verify that. The main idea of any "loss payee"
      > or "mortgagee" clause is that the money goes directly to the
      > lender/mortgagee/creditor/secured party/etc. and does not go
      through
      > the hands of the potentially dishonest or financially risky
      insured.
      > The main question between the lender and non-lender types is what
      > happens if the cars aren't lost due to an accident, but rather to
      the
      > insured's own conduct.
      >
      > Yours having litigated
      > two loss payee cases.
      >
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