LAWS OF MARYLAND.

1843

insufficient to pay the loss occasioned by any one fire or
fires in such case, sufferers insured by said company shall
receive towards making good their respective losses, a
proportionate dividend of the whole amount of said notes
according to the sums by them respectively insured; and
in addition thereto, a sum to be assessed on all the mem-
bers of said company not exceeding fifty cents on every
hundred dollars by them respectively insured; and the said
members shall never be required to pay for any loss occa-
sioned by fire, at any one time more than fifty cents on
each hundred dollars insured in said company, in addition
to the amount of his deposite note, not more than that
amount, for any such loss after his said note shall have
been paid and expended; but any member upon payment
of the whole of his deposite note, and surrendering his
policy before any subsequent loss or expense has occurr-

CHAP. 361.

sufferers to
receive divi-
dend.

ed, may be discharged from said company.
Sec. 10. And be it enacted, That the said company
may make insurances for any time not exceeding ten years;
and any policy of insurance insured by said company, sign-
ed by the president and countersigned by the secretary,
shall be deemed valid and binding on said company, in all
cases where the assured has a title in fee simple unincum-
bered to the building or buildings insured, and to the lands
covered by the same; but if the assured have a less estate
therein, or if the premises be encumbered, the policy shall
be void, unless the true title of the assured and the encum-
brance of the premises be expressed therein, and in the
application therefor.

May make
insurance for
ten years.

Sec. 11. And be it enacted, That when any house or
other building shall be alienated by sale or otherwise, the
policy shall thereupon be void, and be surrendered to the
directors of said company to be cancelled, and upon such
surrender the assured shall be entitled to receive his, her or
their deposite notes upon the payment of his, her or their

House aliena-
ted or sold,
policy to be
surrendered.

proportion of all losses or expenses that have accrued prior
to such surrender; provided that the grantee or grantees,
alieanee or alienanees having the assignment of the policy
may have the same ratified and confirmed to him, her or
them, for his, her or their own proper use and benefit upon
application to the directors, and with their consent, within
thirty days next after such alienation, or giving proper se-
curity to the satisfaction of said directors for such portion
of the deposite or premium note as shall remain unpaid;
and by such ratification and confirmation the party causing
the same shall be entitled to all the rights and privileges
and subject to all the liabilities to which the original party
insured was subjected under this act.
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