314Application of amounts received by receiver

314 Application of amounts received by receiver Amounts received by a receiver appointed under this part must be applied as follows: (a) first, in discharge of all taxes, rates and assessments, in payment of the receiver’s commission, and in payment of insurance premiums; (b) second, in discharge of the interest then owing under the mortgage because of which the receiver was appointed; (c) third, in discharge of the principal then owing under the mortgage; (d) finally, in payment of the balance to or on behalf of the person entitled to the property mortgaged.

Mortgages—other provisions Part 3.2