insurance on the mortgaged property, the mortgagee has an equitable lien on insurance proceeds resulting from a property loss. Knapp v. Victory Corp., 279 S.C. 80, 302 S.E.2d 330, 331 (1983); Blackwell v. State Farm Mut. Auto. Ins. Co., 237 S.C. 649, 118 S.E.2d 701, 704 (1961) (citing Farmers’ & Merchants’ Nat’l Bank of Lake City v. Moore, 135 S.C. 391, 133 S.E. 913 (1926); Swearingen v. Hartford Ins. Co., 52 S.C. 309, 29 S.E. 722 (1898); 135 S.C. 391, 133 S.E. 913, 47 A.L.R. 1001; Annotation, 92 A.L.R. 559 (1934)). Both the first and second mortgage executed by Defendant Riley contain clauses requiring Defendant Riley to maintain insurance on the property, and the Nationwide policy listed Plaintiff as a loss payee. South Carolina law recognizes, up 7 S.C. 649, 118 S.E.2d 701 (1961) (<HOLDING>); Cromer v. Cromer, 293 S.C. 360, 360 S.E.2d
holding in a dispute between first and second mortgagee regarding entitlement to insurance proceeds that because both mortgages required the mortgagor to maintain insurance on the property both mortgagees had a claim to the proceeds and that the first mortgagee was entitled to recover a portion of the proceeds to the extent of the insured amount with the second mortgagee to recover the remainder holding that foreclosure of prior mortgage extinguished second mortgage holding that a mortgage transfer does not take effect until the mortgagee gives value in exchange for the mortgage holding that a bank holding a chattel mortgage on an automobile damaged in a collision had an equitable lien in insurance proceeds because the mortgage required mortgagor to insure the vehicle and name mortgagee as a loss payee holding that in a case in which an omitted junior mortgagee foreclosed its mortgage the junior mortgagee had the absolute right to redeem from the senior mortgagee who had purchased the property at a sale following foreclosure of the senior mortgage