Section 49 - Transferee's right under policy : Transfer of Property Act, 1882
What is Transferee's right under policy?
Section 49 of Transfer of Property Act, 1882
Section 49 of Transfer of Property Act 1882 : "Transferee's
right under policy"
49. Where immovable property is transferred for
consideration, and such property or any part thereof
is at the date of the transfer insured against loss
or damages by fire, the transferee, in case of such
loss or damage, may, in the absence of a contract to
the contrary, require any money which the transferor
actually receives under the policy, or so much
thereof as may be necessary, to be applied in
reinstating the property.