26
CurrentApplication of insurance money
Part 2Provisions about land trusts
Division 3Trust property
26 Application of insurance money
(1)
An amount received or receivable under a policy of insurance for the loss or damage to trust property held, owned or leased by a land trust is part of the capital of the trust property.
(2)
The whole or a part of the amount received or receivable may also be applied by the land trust (and is to be applied if ordered by the Supreme Court) in rebuilding, reinstating, replacing or repairing the property lost or damaged.
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.