1847.

LAWS OF MARYLAND.

CHAP. 111.

SEC. 7. And be it enacted, That in case the party
insured shall fail to pay higher or their interest in ad-
vance, sixty days after the same shall be due, or shall
fail to pay any assessment which may be made upon
his premium note as hereinafter provided, it shall be
lawful for, the said company to issue an execution against
the real estate bound by such judgment for the amount,
which amount shall be endorsed by the clerk, under the
order of the 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.

Terms of in-
surance regu-
lated.

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
merchandize household furniture or other personal
property for a term less than one year, not to a greater
amount than two-thirds of the value thereof, and in ca-
ses of insurances 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 the may deem most expedient and
safe.

Losses by fire
how to be paid.

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, apprize the
company thereof, and the directors of said company shall
immediately after notification thereof, ascertain the
amount of such loss, and apportion the same rateably
between the parties, recently insuring, by an assess-
ment upon their notes and upon the interest fund, such
proportion or losses as may have been previously in-
curred, 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 ratea-
ble 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
policy.

Assessment
pay able within
sixty 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 clays after the assess-