Section 97. If, by the terms of a fire insurance policy insuring a mortgagor, the whole or any part of the loss thereon is payable to mortgagees of the property, the company shall, upon satisfactory proof of the rights and title of the parties, in accordance with such terms, pay all mortgagees protected by such policy in the order of their priority of claim as their claim shall appear, not beyond the amount for which the company is liable, and such payment shall be to the extent thereof payment and satisfaction of the liability of the company under such policy. A fire insurance policy when it is issued, or by means of an endorsement thereon or a rider attached thereto, may be made payable to a mortgagee or mortgagees as their interests may appear under any present or future mortgage or mortgages. Nothing herein contained shall prevent policies being made payable to a mortgagee or mortgagees in any other lawful manner.
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