1849.

LAWS OF MARYLAND.

CHAP. 356.

cution against the real estate bound by said judgment,

for the amount of such interest or assessment, which
amount shall he endorsed by the clerk, under the or-
der of the president or secretary, upon the back of
said execution, and the party insured, until such in-
terest or assessment he paid, shall forfeit all benefit
under his, her or their policy.

Rates and
terms of poli-
cies.

SEC. 8. And be it enacted, That no policy upon
houses, manufactories, mills, stores, shops, barns and
other buildings, shall he 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 per-
sonal properly, 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 properly, 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 ex-
pedient and safe.

Indemnity for
losses.

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 sus-
tained, and the directors of said company shall, im-
mediately after the 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 ac-
cumulated by previous insurance, until the amount of
assessment upon the notes shall equal the amount of
interest previously paid in, by parties who have pre-
viously insured, deducting from such interest fund,
such proportion of losses as may have been previous-
ly incurred, and in case the damage by fire shall ex-
ceed 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 he 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 policy.

Assessments--
when to be paid.

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, and in default of payment, execution may be