20 Application of insurance money where policy kept up under any trust, power or obligation
Trustee Act 1925 (1925 c 19) | Legislation

20  Application of insurance money where policy kept up under any trust, power or obligation

(1)     Money receivable by trustees or any beneficiary under a policy of insurance against the loss or damage of any property subject to a trust or to a settlement within the meaning of the Settled Land Act 1925. . . shall, where the policy has been kept up under any trust in that behalf or under any power statutory or otherwise, or in performance of any covenant or of any obligation statutory or otherwise, or by a tenant for life impeachable for waste, be capital money for the purposes of the trust or settlement, as the case may be.

(2)     If any such money is receivable by any person, other than the trustees of the trust or settlement, that person shall use his best endeavours to recover

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