http://www.legislation.gov.uk/ukpga/1970/35/schedule/3/paragraph/5/1991-02-01Conveyancing and Feudal Reform (Scotland) Act 1970An Act to provide as respects Scotland for the variation and discharge of certain obligations relating to land; to facilitate the allocation of feuduties and ground annuals; to reduce the period of positive prescription of 20 years to 10 years; to provide for a new form of heritable security; to make certain amendments to the existing law relating to heritable securities; to make certain other amendments to the law relating to conveyancing; to abolish the rights of pre-emption of heritors in respect of glebes; to amend the Lands Tribunal Act 1949; and for connected purposes.1972-12-31texttext/xmlenStatute Law Database2024-10-111991-02-01 SCHEDULESSCHEDULE 3 The Standard Conditions5 Insurance.

It shall be an obligation on the debtor—

a

to insure the security subjects or, at the option of the creditor, to permit the creditor to insure the security subjects in the names of the creditor and the debtor to the extent of the market value thereof against the risk of fire and such other risks as the creditor may reasonably require;

b

to deposit any policy of insurance effected by the debtor for the aforesaid purpose with the creditor;

c

to pay any premium due in respect of any such policy, and, where the creditor so requests, to exhibit a receipt therefor not later than the fourteenth day after the renewal date of the policy;

d

to intimate to the creditor, within fourteen days of the occurrence, any occurrence which may give rise to a claim under the policy, and to authorise the creditor to negotiate the settlement of the claim;

e

without prejudice to any obligation to the contrary enforceable against him, to comply with any reasonable requirement of the creditor as to the application of any sum received in respect of such a claim;

f

to refrain from any act or omission which would invalidate the policy.

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<ukm:Section Ref="section-138-2" URI="http://www.legislation.gov.uk/id/asp/2014/18/section/138/2">s. 138(2)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
</ukm:UnappliedEffects>
</ukm:PrimaryMetadata>
<ukm:Alternatives>
<ukm:Alternative Date="2009-07-06" URI="http://www.legislation.gov.uk/ukpga/1970/35/pdfs/ukpga_19700035_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="215"/>
<ukm:BodyParagraphs Value="63"/>
<ukm:ScheduleParagraphs Value="152"/>
<ukm:AttachmentParagraphs Value="0"/>
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</ukm:Statistics>
</proprietary>
</meta>
<portionBody>
<hcontainer name="schedules" eId="d4e197" period="#period1">
<heading> SCHEDULES</heading>
<hcontainer name="schedule" eId="schedule-3" period="#period1">
<num>SCHEDULE 3</num>
<heading> The Standard Conditions</heading>
<paragraph eId="schedule-3-paragraph-5">
<num>5</num>
<heading> Insurance.</heading>
<intro>
<p>It shall be an obligation on the debtor—</p>
</intro>
<paragraph eId="schedule-3-paragraph-5-a">
<num>a</num>
<content>
<p>to insure the security subjects or, at the option of the creditor, to permit the creditor to insure the security subjects in the names of the creditor and the debtor to the extent of the market value thereof against the risk of fire and such other risks as the creditor may reasonably require;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-5-b">
<num>b</num>
<content>
<p>to deposit any policy of insurance effected by the debtor for the aforesaid purpose with the creditor;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-5-c">
<num>c</num>
<content>
<p>to pay any premium due in respect of any such policy, and, where the creditor so requests, to exhibit a receipt therefor not later than the fourteenth day after the renewal date of the policy;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-5-d">
<num>d</num>
<content>
<p>to intimate to the creditor, within fourteen days of the occurrence, any occurrence which may give rise to a claim under the policy, and to authorise the creditor to negotiate the settlement of the claim;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-5-e">
<num>e</num>
<content>
<p>without prejudice to any obligation to the contrary enforceable against him, to comply with any reasonable requirement of the creditor as to the application of any sum received in respect of such a claim;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-5-f">
<num>f</num>
<content>
<p>to refrain from any act or omission which would invalidate the policy.</p>
</content>
</paragraph>
</paragraph>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>