143Payment under mortgage insurance policies

143 Payment under mortgage insurance policies (1) If a mortgage insurance policy is in force for a unit, the insurer is liable to pay to a mortgagee whose interest is noted on the policy the least of the following amounts: (a) the amount insured as stated in the policy; (b) the amount of the loss; (c) the amount sufficient, at the date of the loss, to discharge the mortgage noted on the policy. (2) If the interests of 2 or more mortgagees are noted on the policy, subsection (1) applies to the mortgagees in their order of registered priority.