750. Insurance premiums and other salvage payments.

750.     Insurance premiums and other salvage payments.

So far as no contrary intention is expressed in the mortgage deed, the mortgagee is allowed the premiums in respect of fire insurance, with the same priority and with interest at the same rate as the mortgage money1. Where the mortgagor has covenanted to insure and has neglected to do so, the mortgagee, except by virtue of a statutory or express power, may not insure and charge the premiums as against a second mortgagee2. Except under a power conferred by the terms of the mortgage or by statute, the mortgagee