NTIn ForceAct
Unit Titles Act 1975
85Payment under policy
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85 Payment under policy Where a policy of insurance is in force under section 84, the insurer is liable to pay to the mortgagee whose interest is noted on the policy or, if there are 2 or more such mortgagees, to those mortgagees in their order of registered priority: (a) the sum insured as stated in the policy; (b) the amount of the loss; or (c) the amount sufficient, at the date of the loss, to discharge the mortgage noted on the policy, whichever is the least amount.