Macaura V Northern Assurance
Macaura v Northern Assurance Co Ltd 1925 AC 619. On the banks instructions he insured the property.
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The owner of a timber estate sold all the timber to a company which was owned almost solely by him.
. He was the owner and sole shareholder of the company but his Insurable interest only extended to the value of the shares in the company and he could not recover when the property was damaged. 6 Lee v Lees Air Farming Limited 7 and the Farrar case. After the timber was destroyed by fire the.
Members have no interest in a companys property. He insured the timber against fire but in his own name. He was the companys largest creditor.
Commencing with the Salomon case the rule of SLP has been followed as an uncompromising precedent 5 in several subsequent cases like Macaura v Northern Assurance Co. This decision followed the much earlier case of Macaura v Northern Assurance 1925. IMPLICATIONS OF SALOMON V SALOMON.
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