Macaura V Northern Assurance
He insured the timber against fire but in his own name. Members have no interest in a companys property.
Case Law Company Corporate Personality Insurance Macaura V Northern Assurance Co 1925 Youtube
Macaura v Northern Assurance Co Ltd 1925 AC 619.
. Salomon v A Salomon Co Ltd 1896 UKHL 1 1897 AC 22 is a landmark UK company law case. After the timber was destroyed by fire the. He was the companys largest creditor.
The effect of the House of Lords unanimous ruling was to uphold firmly the doctrine of corporate personality as set out in the Companies Act 1862 so that creditors of an insolvent company could not sue the companys shareholders for payment of outstanding debts. IMPLICATIONS OF SALOMON V SALOMON. This decision followed the much earlier case of Macaura v Northern Assurance 1925.
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. 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. The owner of a timber estate sold all the timber to a company which was owned almost solely by him.
On the banks instructions he insured the property. 6 Lee v Lees Air Farming Limited 7 and the Farrar case.
Macaura V Nothern Assurance Co Ltd 1925 Youtube
Company
Macaura V Northern Assurance Co Ltd 1925 Ac 619 Case Summary Explore Law Youtube
Macaura Vs Northern Assurance Co Ltd Separate Property Youtube
0 Response to "Macaura V Northern Assurance"
Post a Comment