§ 58-43-15. Policies for the benefit of mortgagees.
§58‑43‑15. Policies for the benefit of mortgagees.
Where by an agreement with theinsured, or by the terms of a fire insurance policy taken out by a mortgagor,the whole or any part of the loss thereon is payable to a mortgagee of theproperty for his benefit, the company shall, upon satisfactory proof of therights and title of the parties, in accordance with such terms or agreement,pay all mortgagees protected by such policy in the order of their priority ofclaim, as their claims appear, not beyond the amount for which the company isliable, and such payments are, to the extent thereof, payment and satisfactionof the liabilities of the company under the policy. Any payment due by theinsuring company to mortgagees or loss payees under the terms of the policyshall be made within 90 days of the loss or within 60 days of the filing ofproof of loss, whichever is the longer period; provided, the payment of orsettlement of the claim of the mortgagee or loss payee under the policy shallin no way constitute an admission of liability as to the insured and the factof such payment or settlement shall be inadmissible in any action at law. (1899,c. 54, s. 41; Rev., s. 4757; C.S., s. 6420; 1969, c. 1077, s. 1.)