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Application of insurance money where policy kept up under any trust, power or obligation

Trustees Act 1967

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—(1) Money receivable by trustees or any beneficiary under a policy of insurance against the loss or damage of any property that is subject to a trust is capital money for the purpose of the trust, where the policy has been kept up under any trust in that behalf or under any power statutory or otherwise, or in the performance of any covenant or of any obligation statutory or otherwise, or by a tenant for life impeachable for waste.(2) If any such money is receivable by any person, other than the trustees of the trust, that person must use that person’s best endeavours to recover and receive the money, and must pay the net residue of the money after discharging any costs of recovering and receiving it, to the trustees of the trust, or, if there are no trustees capable of giving a discharge, into court.(3) Any such money must —(a)if it was receivable in respect of property held upon trust for sale, be held upon the trusts and subject to the powers and provisions applicable to money arising by a sale under such trust; and(b)in any other case, be held upon trusts corresponding as nearly as may be with the trusts affecting the property in respect of which it was payable.(4) Such money, or any part of it, may also be applied by the trustees, or, if in court, under the direction of the court, in rebuilding, reinstating, replacing or repairing the property lost or damaged, but any such application by the trustees is subject to the consent of any person whose consent is required by the instrument (if any) creating the trust to the investment of money subject to the trust.(5) Nothing in this section affects the right of any person to require any such money or any part of the money to be applied in rebuilding, reinstating, replacing or repairing the property lost or damaged, or the right of any mortgagee, lessor or lessee, whether under any statute or otherwise.(6) This section applies to policies effected either before, on or after 1 September 1929, but only to money received on or after that date.

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