Valuation of estates etc.
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6Where an indemnity is payable in respect of the loss of an estate, interest or charge, the value of the estate, interest or charge for the purposes of the indemnity is to be regarded as not exceeding—
(a)in the case of an indemnity under paragraph 1(1)(a), its value immediately before rectification of the register (but as if there were to be no rectification), and
(b)in the case of an indemnity under paragraph 1(1)(b), its value at the time when the mistake which caused the loss was made.