Financial Code section 1488

The provisions of any deed of trust or mortgage on real property which authorize any state or nationally chartered bank to receive and control the disbursement of the proceeds of any policy of fire, flood, or other hazard insurance respecting the real property shall be enforceable whether or not an impairment of the security interest in the property has resulted from the event that caused the proceeds of the insurance policy to become payable.

Source: Section 1488, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=1488.­ (updated Jan. 1, 2012; accessed Jun. 9, 2025).

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Verified:
Jun. 9, 2025

§ 1488’s source at ca​.gov