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17:36-12. Priority of municipal claim; subordination to mortgage; limitation on liability of insurer; enforcement of lien under other law
New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.256, and J.R.18) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
...
17
:
36-12
.
Priority
of
municipal
claim
;
subordination
to
mortgage
;
limitation
on
liability
of
insurer
;
enforcement
of
lien
under
other
law
17
:
36-12
.
Priority
of
municipal
claim
;
subordination
to
mortgage
;
limitation
on
liability
of
insurer
;
enforcement
of
lien
under
other
law
A
municipal
claim
made in accordance with the provisions of this act shall be paramount to any
other
claims on the proceeds of the fire insurance policy, except the
claim
of the holder of a purchase money
mortgage
held as a first
mortgage
or an institutional lender which is a holder of a
mortgage
on the fire damaged property, where the fire insurance policy at the time of the loss listed the mortgagee as the holder of an insurable...
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