CAP. 24]
[s. 8 cont.]
Protection of
purchaser against
forfeiture
under
covenant for
insurance
against fire
in certain
cases.
22 & 23 Vict.
c. 35, s. 8.
Saving.
(Cap. 126).
Purchase of reversion not voidable for
undervalue.
Law of Property Amendment.
have the same advantage from any then subsisting insurance relating to the building covenanted to be insured which has been effected by the lessee or mortgagor in respect of his interest under the lease or in the property or by any person claiming under him, but not effected in conformity with the covenant, as he would have from an insurance effected in conformity with the covenant.
9. Where, on the bona fide purchase of a leasehold interest under a lease containing a covenant on the part of the lessee to insure against loss or damage by fire, the purchaser is furnished with the written receipt of the person entitled to receive the rent, or his agent, for the last payment of rent accrued due before the completion of the purchase, and there is subsisting at the time of the completion of the purchase an insurance in conformity with the covenant, the purchaser or any person claiming under him shall not be subject to any liability, by way of forfeiture or damages or otherwise, in respect of any breach of the covenant committed at any time before the completion of the purchase of which the purchaser had not notice before the completion of the purchase; but this provision is not to take away any remedy which the lessor or his legal representatives may have against the lessee or his legal representatives for breach of covenant.
10. Nothing in the foregoing provisions shall affect the provisions of the Crown Rights (Re-entry) Ordinance.
11. No purchase, made bona fide and without fraud or unfair dealing, of any reversionary interest in property of any kind within the Colony shall be opened or set aside merely on the ground of undervalue. For the purpose of this section, "purchase" shall include every kind of contract, conveyance, or assignment under or by which any beneficial interest in any kind of property may be acquired.
31 & 32 Vict. c. 4, s. 1. 3 of 1886, s. 2, 8.
428
CAP. 24]
[s. 8 cont.]
Protection of
purchaser against
forfeiture
under
covenant for
insurance
against fire
in certain
cases.
22 & 23 Vict.
c. 35, 8. 8.
Saving.
(Cap. 126).
Purchase of reversion not voidable for
undervalue.
Law of Property Amendment.
have the same advantage from any then subsisting insurance relating to the building covenanted to be insured which has been effected by the lessee or mortgagor in respect of his interest under the lease or in the property or by any person claiming under him, but not effected in conformity with the covenant, as he would have from an insurance effected in conformity with the covenant.
9. Where, on the bona fide purchase of a leasehold interest under a lease containing a covenant on the part of the lessee to insure against loss or damage by fire, the pur- chaser is furnished with the written receipt of the person entitled to receive the rent, or his agent, for the last payment of rent accrued due before the completion of the purchase, and there is subsisting at the time of the completion of the purchase an insurance in conformity with the covenant, the purchaser or any person claiming under him shall not be subject to any liability, by way of forfeiture or damages or otherwise, in respect of any breach of the covenant com- mitted at any time before the completion of the purchase of which the purchaser had not notice before the completion of the purchase; but this provision is not to take away any remedy which the lessor or his legal representatives may have against the lessee or his legal representatives for breach of covenant.
10. Nothing in the foregoing provisions shall affect the provisions of the Crown Rights (Re-entry) Ordinance.
11. No purchase, made bona fide and without fraud or unfair dealing, of any reversionary interest in property of 31 & 32 Vict. any kind within the Colony shall be opened or set aside. merely on the ground of undervalue. For the purpose of this section, "purchase" shall include every kind of contract, conveyance, or assignment under or by which any beneficial interest in any kind of property may be acquired.
c. 4, s. 1. 3 of 1886, 68. 2, 8.
428
—
No comments yet.
Private notes are available after approval.