§ 4-A — Insurance proceeds liable for demands

§ 4-a. Insurance proceeds liable for demands. Owner, contractor or\nsubcontractor diverting proceeds, guilty of larceny. The proceeds of any\ninsurance which by the terms of the policy are payable to the owner of\nreal property improved, and actually received or to be received by him\nbecause of the destruction or removal by fire or other casualty of an\nimprovement on which lienors have performed labor or services or for\nwhich they have furnished materials, shall after the owner has been\nreimbursed therefrom for premiums paid by him, if any, for such\ninsurance, be subject to liens provided by this act to the same extent\nand in the same order of priority as the real property would have been\nhad such improvement not been so destroyed or removed.\n The proceeds of any insurance which by the terms of the policy are\npayable to a contractor or subcontractor, and actually received or to be\nreceived by him because of the destruction or removal by fire or other\ncasualty of an improvement on which he has performed labor or services\nor for which he has furnished materials, shall, after such contractor or\nsubcontractor has been reimbursed therefrom for premiums paid by him, if\nany, for such insurance, be liable for the payment of demands for labor\nor services performed or materials furnished by his order and for which\nhe is liable, in the same manner and under the same conditions as\npayments to him under his contract would have been had such improvement\nnot been so destroyed or removed.\n