468
LAWS OF MARYLAND.
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to pay any assessment which may be made upon his premium
note, as is hereinafter provided, it shall be lawful
for said company to issue an execution against the real
estate bound by said judgment, for the amount of such
interest or assessment, which amount shall be endorsed
by said clerk under the order of the president or secretary,
upon the back of the said execution, and the party
insured until such interest or assessment be paid, shall
forfeit all benefit under his, her or their policy.
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Terms of
policy.
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SEC. 8. And be it enacted,
That no policy upon
houses, manufactories, mills, stores, shops, barns and
other buildings, shall be issued for a term less than
seven years, nor to a greater amount than two-thirds
of the value thereof, and no policy shall be issued upon
merchandise, household furniture or other personal property,
for a term less than one year, nor to a greater
amount than two-thirds of the value thereof, and in case
of an insurance of personal property, when the party
insured has no real estate, the directors may take a note
for the amount of the premium required, secured in
such manner as they may deem most expedient and
safe.
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Party sustaining
loss by
fire to give
notice.
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SEC. 9. And be it enacted,
That in case any loss or
damage by fire shall be sustained, the party sustaining
such loss shall within thirty days thereafter, apprise the
company thereof, ascertain the amount of loss sustained,
and the directors of said company shall immediately
after the notification thereof, ascertain the amount of
such loss, and apportion the same rateably between the
parties recently insuring, by an assessment upon their
notes, and upon the interest fund accumulated by previous
insurance, until the amount of assessment upon
the notes shall equal the amount of interest previously
paid in, by parties who have previously insured, deducting
from such interest fund such proportion of losses
as may have been previously insured, and in case the
damage by fire shall exceed the amount of interest paid
in, and the equitable proportion of assessment upon the
premium notes of the parties last insuring, then the
loss shall be supplied by a rateable assessment upon all
the premium notes, and cash advanced by way of premium,
and in case the whole amount of capital stock
shall be required to meet losses, the same shall be forthwith
collected and distributed rateably among the insured,
according to the amount of loss by him, her or them
sustained, and covered by his, her or their policy.
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Assessments.
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SEC. 10. And be it enacted,
That all assessments
made by the board of directors upon the premium notes,
shall be paid within sixty days after the date thereof,
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