s 85
In forcePayment under policy
Part VIInsurance
85 Payment under policy
Where a policy of insurance is in force under section 84, the insurer is liable to pay to the mortgagee whose interest is noted on the policy or, if there are 2 or more such mortgagees, to those mortgagees in their order of registered priority:
(a)
the sum insured as stated in the policy;
(b)
the amount of the loss; or
(c) the amount sufficient, at the date of the loss, to discharge the mortgage noted on the policy,
whichever is the least amount.
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