385. Life policies.

The lender's instructions in relation to any life policy which is to protect or act as collateral security to the mortgage must be carried out before completion. In a case where a solicitor is acting both for the buyer and his lender, in his capacity as buyer's solicitor and irrespective of whether the lender requires an endowment policy to be on foot by actual completion, or whether his instructions permit the policy to be obtained within a certain period after completion has taken place, the solicitor owes a duty to the buyer to ensure that the policy is on