144Transfer of mortgagee’s interest to insurer

144 Transfer of mortgagee’s interest to insurer (1) Payment by the insurer to a mortgagee under section 143 does not entitle the unit owner to a discharge of the mortgage. (2) On payment by the insurer to a mortgagee under section 143— (a) if the amount paid equals the amount necessary to discharge the mortgage—the insurer is entitled to obtain from the mortgagee a transfer of the mortgage; or

Miscellaneous Part 11 Miscellaneous Division 11.2 (b) if the amount paid is less than the amount necessary to discharge the mortgage—the insurer is entitled to obtain from the mortgagee a transfer of an undivided share of the mortgagee’s interest in the mortgage that bears to that interest the same proportion as the amount paid bears to the amount that was owing under the mortgage immediately before the payment.