Application of insurance money by receiver
110 Application of insurance money by receiver
Subject to the provisions of this Part as to the application of insurance money, the receiver shall apply all money received by him as follows, namely—
in discharge of all rents, taxes, rates and outgoings whatever affecting the mortgaged property; and
in keeping down all annual sums or other payments, and the interest on all principal sums, having priority to the mortgage in right whereof he is receiver; and
in payment of his commission, and of the premiums on fire, life or other insurances (if any) properly payable under the mortgage deed or under this Part, and the cost of executing necessary or proper repairs directed in writing by the mortgagee; and
in payment of the interest accruing due in respect of any principal sum due under the mortgage; and
in or towards discharge of the principal money if so directed in writing by the mortgagee—
and shall pay the residue (if any) of the money received by him to the person who, but for the possession of the receiver, would have been entitled to receive the income of which he is appointed receiver, or who is otherwise entitled to the mortgaged property.
No. 3754 s. 111.
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