Macaura v Northern Assurance Co Ltd  AC 619
Members have no interest in a company’s property
The owner of a timber estate sold all the timber to a company which was owned almost solely by him. He was the company’s largest creditor. He insured the timber against fire, but in his own name. After the timber was destroyed by fire the insurance company refused the claim.
The House of Lords held that in order to have an insurable interest in property a person must have a legal or equitable interest in that property. The claim failed as “the corporator even if he holds all the shares is not the corporation… neither he nor any creditor of the company has any property legal or equitable in the assets of the corporation.” (per Lord Wrenbury, at pg 633).
Cite This Work
To export a reference to this article please select a referencing stye below:
Related ServicesView all
Related ContentJurisdictions / Tags
Content relating to: "UK Law"
UK law covers the laws and legislation of England, Wales, Northern Ireland and Scotland. Essays, case summaries, problem questions and dissertations here are relevant to law students from the United Kingdom and Great Britain, as well as students wishing to learn more about the UK legal system from overseas.
Matthews v United Kingdom (1999) 28 EHRR 361 (ECHR)
Case Summary of Matthews v United Kingdom (1999) 28 EHRR 361 (ECtHR). Article 3 Protocol 1 of the European Convention on Human Rights (ECHR)....
R v Wilson (1996) 2 Cr App Rep 241 | Criminal Law Case
R v Wilson (1996) 2 Cr App Rep 241. The appellant was charged with assaulting his wife contrary to section 47 of the Offences Against the Person Act 1861....