1846.

LAWS OF MARYLAND.

CHAP. 190.

president or secretary upon the back of said execution,
and the party insured until such interest or assessment
be paid, shall forfeit all benefit under his, her or their
policy.

No policy is-
sued for less
than 7 years.

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 mer-
chandise, 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 rases of
insurances of personal property, when the party injured
has no real estate, the directors may take a note lor the
amount of the premium required, secured in such man-
ner as they may deem most expedient and safe.

Thirty days
notice, &c.

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, and in case of the partial destruction
or damage, of the amount of loss sustained, and the di-
rectors of said company shall immediately after the noti-
fication thereof, ascertain the amount of such loss, and
apportion the same rateably between the parlies recently
insuring by an assessment upon their notes and upon the
interest fund such proportion of losses as may have been
previously incurred, 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
capital 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 pol-
icy.

To be paid in
60 days.

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 assessment thereof,
and in default of payment, execution may be issued on
the judgment confessed, for the amount of the assess-
ment, and suit brought on any premium notes given for
the insurance of personal property, and the party so fail-
ing to pay his, her or their assessment, shall forfeit all
benefit of his, her or their policy until such assessment
be paid.