26
CurrentApplication of insurance money
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 must be applied if ordered by the Supreme Court) in rebuilding, reinstating, replacing or repairing the property lost or damaged.
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