Macaura V Northern Assurance
He was the companys largest creditor. Another variation is the relationship between landlord and tenant.
Macaura Vs Northern Assurance Co Ltd Separate Property Youtube
Whether part payment of a debt is consideration.
. After the timber was destroyed by fire the. The owner of a timber estate sold all the timber to a company which was owned almost solely by him. 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.
Members have no interest in a companys property. When he was unable to repay this loan she received a judgment in her favour to recover this amount. Macaura v Northern Assurance Co Ltd 1925 AC 619.
The respondent Beer loaned the appellant Dr Foakes 2090 19s. Salomon v A Salomon Co Ltd 1896 UKHL 1 1897 AC 22 is a landmark UK company law case. In Mark Rowlands Ltd v Berni Inns Ltd 1986 1QB211 it was acknowledged that a tenant who pays an insurance premium to a landlord as part of the lease agreement does have an insurable interest in the building.
Foakes v Beer 1883 LR 9 App Cas 605. This decision followed the much earlier case of Macaura v Northern Assurance 1925. The pair then entered an agreement whereby in consideration of an initial payment of 500 and on.
He insured the timber against fire but in his own name.
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