§ 56-20-109 — Lien for assessments - Rights of subsequent purchaser, or junior lienholder

The corporation shall have a lien upon the property insured to secure the payment of the assessments and calls as may be legally made under the contract of insurance, and, in case of loss, the subsequent purchaser, or junior lienholder, shall be entitled to the benefits of the insurance, and to the rights, benefits and privileges of the original insured, to the extent of the insured's interest in the property.

Legislative History

Acts 1895, ch. 220, § 8; Shan., § 3366; Code 1932, § 6248; T.C.A. (orig. ed.), § 56-1909.