Book Description

Excerpt from A Selection of Cases on the Law of Insurance These considerations, however, do not apply to a case where the assured, after a loss, assigns his right to recover that loss; it would stand on the same footing as the assignment of a debt or right to recover a sum of money actually due, which, like the assignment of any other chose in action, would give the assignee an equitable interest and a right to recover in the name of the assignor, subject to set-off and all other equities. No assignment was ever made by Benson, Phelps 8: Capron to the plaintiff; and he can only claim, therefore, as assignee in law, in consequence of having been a purchaser of the estate; which has already been considered. But then it is contended, that at the time when the company paid the amount of the loss to Hill 81 Chapin, for the original parties insured, in consequence of their transfer of the estate, before the loss, they could not legally recover, and therefore the money was voluntarily paid by the company, and must be deemed to have been paid, subject to the prior lien of Hill 81 Chapin, the agents, equitably for the use of the plaintiff, who has become the purchaser of the estate. I do not think we have the facts stated with sufficient full ness and accuracy to enable us to judge whether the assured had parted with all their interest, at the time of the loss. It is stated that the plaintiff had purchased the estate, subject to the mortgages. If the assured remained still liable to the payment of the debts for which those mortgages were given as collateral security, then they Still had an interest in the estate; because a fire would impair or destroy the value of the property appropriated to the payment of their debt; and they therefore had an interest in its preservation, covered by the policy. One of the mortgages on the property was not assigned to the plaintiff till after the loss. Nor does it appear that the assured had been exempted from the payment of any of the mortgage debts. We cannot therefore say with confidence that at the time of the payment by the company, they were not legally liable for such payment. At all events, they yielded to a claim of right, and paid to Hill 81 Chapin, pursuant to the provisions of the terms of the policy, to enure to them to the extent of their lien; and as to the balance, to the use of their principals. There are no facts on which to raise an implication that they voluntarily paid, upon considerations of policy, or intended to pay anything to. The use of the owner of the estate. Or that they had any regard, in such payment, to any supposed equitable claim to the present plaintiff. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.