Amendment status not verified — confirm the current text below against the official source.
Mortgaged debt Where a debt is transferred for the purpose of securing an existing or future debt, the debt so transferred, if received by the transferor or recovered by the transferee, is applicable, first, in payment of the costs of such recovery; secondly, in or towards satisfaction of the amount for the time being secured by the transfer, and the residue, if any, belongs to the transferor or other person entitled to receive the same. 6[135. Assignment of rights under policy of insurance against fire Every assignee, by endorsement or other writing, of a policy of insurance against fire, in whom the property in the subject insured shall be absolutely vested at the date of the assignment, shall have transferred and vested in him all rights of suit as if the contract contained in the policy had been made with himself.] 7[135A. Assignment of rights under policy of marine insurance [Rep. by the Marine Insurance Act, 1963 (11 of 1963), sec. 92, (w.e.f. 1-8-1963)].]