All money received on an insurance of the mortgaged property effected under the Law of Property Act 1925, or for the maintenance of which the mortgagor is liable under the mortgage deed, must, if the mortgagee so requires, be applied by the mortgagor in making good the loss or damage in respect of which the money is received1. Upon the request of any person interested in or entitled to any house or other building burnt down or damaged by fire, the insurance office must apply the insurance money in reinstatement or repair2, and it has been held that a
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
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