Definition of Section 49 of Transfer of Property Act According to the Government of India
Section 49 of Transfer of Property Act: Transferee’s right under policy.— Where immoveable property is transferred for consideration, and such property or any part thereof is at the date of the transfer insured against loss or damage by fire, the transferee, in case of such loss or damage, may, in the absence of a contract to the contrary, require any money which the transferor actually receives under the policy, or so much thereof as may be necessary, to be applied in reinstating the property.