486. Receiver's powers as to insurance and application of income.

If appointed under the statutory power1, the receiver must, if so directed in writing2 by the mortgagee3, insure to the extent, if any, to which the mortgagee might have insured and keep insured against loss or damage by fire, out of the money received by him, any building, effects or property comprised in the mortgage4, whether affixed to the freehold or not, being of an insurable nature5.

Subject to the statutory provisions as to the application of insurance money6, the receiver must apply all money received by him as follows7:

  1.  

    (1)     in discharge of all rents, taxes8, rates9 and outgoings

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