When the policy reverts to the insured. Right of the insured in such cases. How insur $7.-Reversion of the Policy. 5592. The policy reverts to the insured: 1. When the child for whose benefit it was effected or appropriated or the surviving child for whose benefit solely it exists, dies without issue, before the person insured, 2. When the wife for whose sole benefit it exists either by the policy, appropriation or revocation, or by accretion, predeceases her husband with or without issue. The benefit of any share in an apportionment likewise reverts to the insured when the child, to whom it was apportioned, dies without issue before the insured parent, or when the wife, to whom it was apportioned, predeceases her husband with or without issue. 41-42 V., c. 13, s. 14. 5593. When a policy reverts to the insured in whole or in part, the insured may deal therewith, in so far as it so reverts as if the insurance had been effected and been always held for his own benefit. 41-42 V., c. 13, s. 15. § 8.-Application and Payment of Policy. 5594. The insurance effected in the cases mentioned in the rance for the preceding articles may be made payable by the application and policy or by the declaration of appropriation or by a revocation, either to the parties benefited or to any other personsas trustees for the parties benefited. 41-42 V., c. 13, s. 16. benefit of a wife and children is payable. If trustees are not appointed 5595. When no trustees are appointed by the application, in the policy. policy, or by the declaration of appropriation or by a revocation, it shall be lawful for any person whose life is insured, by an instrument to be attached to the policy, and of which a duplicate must be filed with the company which issued the policy and its filing be noted by the company upon the instrument retained, or by will, of which (after the testator's death) an authentic copy must be signified upon the company, to appoint a person as trustee for the parties benefited or for any of them. 41-42 V., c. 13, s. 17. Payment of the policy if the insured die without appointing trustees, &c. If trustees or fuse to accept, 5596. When the person whose life is insured dies without having appointed trustees for any minor children benefited or for any benefited persons disqualified from exercising their rights, the payment of the insurance money coming to such minor children or disqualified persons shall be made to the testamentary executors of such insured person, who shall be the trustees of such disqualified persons. In case the trustees or the executors refuse to accept, or executors re- in case the person whose life is insured die intestate, the or if insured payment is made to the tutor of the minor children or to die intestate. the curator of the disqualified persons. Payment to parties. In case the trustees of persons in the exercise of their 1 rights should refuse to accept, the payment shall be made to such benefited persons themselves. 41-42 V., c. 13, s. 18. 5597. The payment made to any benefited persons not Discharge of disqualified from exercising their rights, to any trustees, to company. any executors, or to any tutor or curator, shall be a valid and sufficient discharge to the insurance company for the insurance money so paid. The company shall not be bound to see to the investment Company not of the money, or be liable for the subsequent misapplication bound to see thereof by any trustees, executors, tutors or curators. 41-42 of money, &c. V., c. 13, s. 19. to investment trustees, ex 5598. The trustees shall pay over the insurance money Payment over received for persons in the exercise of their rights to such of amount of persons at once, if no conditions have been imposed, as to such the policy by payment, by the insured, by the policy itself, by the decla- ecutors, &c., ration of appropriation or by the terms contained in a deed of if no conditions imposed. revocation. If conditions have been imposed, the trustees shall carry out Idem, if conthe trust and administer and pay over the insurance money in ditions imposaccordance with its provisions. ed. &c. The insurance money received by any trustees, executors, Investments tutors or curators for minors or persons disqualified from by trustees, exercising their rights, shall be invested by the parties receiving it in Dominion or Provincial debentures, municipal debentures or on first privilege or hypothec upon real estate, with power, however, to such trustees, testamentary executors, tutors or curators, from time to time, to alter, vary and transpose the investments held. 41-42 V., c. 13, s. 20. § 9.-Application of Income from Insurance Money. ance money. 5599. All or any part of the annual income arising from Management the investment of the insurance money may be applied to- of the insurwards the maintenance and education of the minor children, or towards the maintenance of the persons disqualified, for any other reason than that of minority, from exercising their rights, as the trustees, testamentary executors, tutors or curators may think fit. When all the annual income is not so applied, the surplus Investment of shall be capitalized and invested in the same manner as the surplus. insurance money received. 41-42 V., c. 13, s. 21. 5600. Unless stipulations or conditions have been impos- Transfer of ed, which must be carried out, the investment shall be trans- the investferred by the trustees, testamentary executors, or tutors or curators: 1. In the case of a minor, to himself when he attains majority, 2. In the case of a person disqualified, for any other reason than that of minority, from exercising his rights, to ments. Power to advance insurance money himself when he regains their exercise, or to his heirs when he dies without regaining their exercise. It shall, nevertheless, be lawful, should the trustees, testamentary executors, or tutors think fit, to advance the insurto minors, in ance money, or to dispose of the investments and advance the certain cases. proceeds to any minor child during his minority, for the establishment, advancement or preferment in the world, or for the settlement in marriage, of such child. 41-42 V., c. 13, s. 22. Insured un able to meet the premiums. Insurance $10.-Paid up Policies. 5601. If a person who has effected or appropriated an insurance for the benefit of a wife, or of a wife and child or children, or of a child and children only, finds himself unable to continue to meet the premiums, it shall be lawful for him to surrender the policy to the company which granted the same, and to accept, in lieu thereof, a paid-up policy for such sum as the premiums paid may represent, and for the company to accept such surrender and grant such paid-up policy, payable at the time, in the manner and for the benefit of the persons mentioned in the original policy; and the share of each person, when more than one are benefited, will then be proportionately reduced. 41-42 V., c. 13, s. 23. § 11.-Application of Profits of Policy. 5602. Any person having effected an insurance with prowith profits. fits may either receive the same for his own benefit, or may, from time to time, either apply the same in payment or reduction of premiums, or direct them to be added to the insurance money; and the share of each person when more than one are benefited will, in the last case, be proportionately increased. Application of profits on paid up policy. Power to borrow upon the security of the policy. Evidence of such loan. Profits, accruing after a policy has been paid up, may be received by the insured for his own benefit, or may be added to the insurance money; and the share of each person, when more than one are benefited, will then also be proportionately increased. 41-42 V., c. 13, s. 24. § 12-Loans upon Security of the Policy for certain purposes. 5603. Any person who has effected or appropriated an insurance for the benefit of a wife, or of a wife and child or children, or of a child or children only, and who finds himself unable to continue to meet the premiums, may from time to time borrow, on the security of the policy, such sum as may be necessary to keep the policy in force. The loans shall be evidenced by a writing, of which a duplicate must be filed with the company which issued the policy and noted by the company on the duplicate retained by the lender. Such loans shall be secured by privilege on the policy and Security the company shall retain a sufficient amount to pay them from therefor. the insurance money. If such loans be paid before the death of the insured, the Payment of acquittance shall be filed with the company. 41-42 V., c. 13, s. 25. loan. § 13.-Exemption of Policies from Attachment. tachment. 5604 Policies effected or appropriated under this section Policies exare exempt froin attachment for debts due either by the in- empt from at sured or by the persons benefited, and shall also be unassignable by either of such parties. The insurance money, while in the hands of the company, shall be free from and be unattachable for the debts either of the insured or of the persons benefited, and shall be paid according to the terms of such policies, or of any declaration of appropriation, or of any revocation relating to the same. Such exemption shall not apply to any policy or to part thereof, which may have reverted to and be held by the insured. 41-42 V., c. 13, s. 26. §14.-Derivation of Insurance Money. not be deemed 5605 The insurance money shall not be deemed to be Insurance derived from the succession of, or community of property with, money shall the person whose life was insured; and its receipt by any to be derived person benefited shall not constitute an acceptance of the suc- from succescession of such person, or of any community of property which sion, &c. existed with such person. 41-42 V., c. 13, s. 27. § 15.-Frauds upon Creditors. time when the 5606. If, however, it shall be proved that all or any of the If premiums premiums were paid, at a time when the person whose life was paid at the insured was insolvent, in fraud of the rights of creditors, such insured is increditors shall be entitled to recover and to receive out of the solvent. insurance money, an amount equal to the premiums so paid; Limitation. and in such case, the share of each person, when more than one are benefited, will be proportionately reduced. 41-42 V., c. 13, s. 28. SECTION X. PROVISIONS IN CONNECTION WITH CHAPTER SIXTH OF TITLE FIFTH OF BOOK THIRD. OF THE DISSOLUTION AND OF THE ANNULLING OF THE CONTRACT OF SALE. (Article 1545 and following.) ABANDONED LANDS IN SEIGNIORIES. § 1.-Re-entry upon Lands. 5607. Whenever, in any seigniory, a censitaire has aban- When seignior may recover abandoned lands. Rights of hypothecary creditors protected. doned any land held by him, subject to the payment of any seigniorial dues or constituted rents created in lieu thereof, and such land has remained so abandoned during twenty years or more, and the arrears of such seigniorial dues or rents for more than ten years have not been paid, the seignior may recover such land and re-enter into possession of the same. 34 V., c. 7, s. 1. 5608. Nothing shall prejudice the rights of any person having any hypothecary claim upon any such land; the exercise of such rights shall be subject to payment by such persons of all the arrears of the seigniorial dues aforesaid then exigible. Privilege of The privilege of the seigniors shall extend to ten years of seigniors and such arrears of seigniorial dues and constituted rents, anything to the contrary mentioned in article 2012 of the Civil Code notwithstanding, but the seignior shall receive such arrears of seigniorial dues for such ten years in the case above provided only. 34 V., c. 7, s. 12. limitation of. Procedure to be adopted. § 2-Procedure for such purpose. 5609. The procedure to be adopted for the re-entry upon lands in virtue of this section is summary, and is in accordance with the provisions of article 5978 of these Revised Statutes. 34 V., c. 7, ss. 1, 11, 12 and 14. SECTION XI. PROVISIONS IN CONNECTION WITH CHAPTER TENTH OF TITLE FIFTH OF OF THE SALE OF DEBTS AND OTHER INCORPOREAL THINGS. (Articles 1570 and following.) Mode of disposing of rents repre senting seigniorial dues. Sales of rents THE VOLUNTARY SALE, ASSIGNMENT AND TRANSFER OF CONSTITUTED RENTS 5610. The constituted rents representing seigniorial dues, payable by the Receiver-General, as representing lods et ventes and other casual dues, and those created in virtue of the seigniorial cadastres, as representing cens et rentes and other seigniorial dues, payable by the proprietors of the lands, may be voluntarily sold, transferred and assigned, by a simple notarial act in authentic form, in the ordinary manner. 38 V., c. 26, ss. 1 and 3. 5611. The constituted rents, representing cens et rentes and representing other seigniorial dues, payable by the proprietor of any land to any seignior or other creditor of such rents, and the rights of cens et rentes. |