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CONVEYANCING ACT 1881 - SECT 23

Amount and application of insurance money.

23.(1) The amount of an insurance effected by a mortgagee against loss or
damage by fire under the power in that behalf conferred by this Act shall not
exceed the amount specified in the mortgage deed, or, if no amount is therein
specified, then shall not exceed two third parts of the amount that would be
required, in case of total destruction, to restore the property insured.

(2) An insurance shall not, under the power conferred by this Act, be effected
by a mortgagee in any of the following cases (namely):

(i)Where there is a declaration in the mortgage deed that no insurance is
required:

(ii)Where an insurance is kept up by or on behalf of the mortgagor in
accordance with the mortgage deed:

(iii)Where the mortgage deed contains no stipulation respecting insurance, and
an insurance is kept up by or on behalf of the mortgagor, to the amount in
which the mortgagee is by this Act authorized to insure.

(3) All money received on an insurance effected under the mortgage deed or
under this Act shall, if the mortgagee so requires, be applied by the
mortgagor in making good the loss or damage in respect of which the money is
received.

(4) Without prejudice to any obligation to the contrary imposed by law, or by
special contract, a mortgagee may require that all money received on an
insurance be applied in or towards discharge of the money due under his
mortgage.


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© 1881 Crown Copyright

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