{"id":6210,"date":"2018-10-12T12:38:31","date_gmt":"2018-10-12T12:38:31","guid":{"rendered":""},"modified":"2021-09-28T09:59:31","modified_gmt":"2021-09-28T09:59:31","slug":"macaura-v-northern-assurance","status":"publish","type":"post","link":"https:\/\/www.lawteacher.net\/cases\/macaura-v-northern-assurance.php","title":{"rendered":"Macaura v Northern Assurance"},"content":{"rendered":"

Macaura v Northern Assurance Co Ltd [1925] AC 619<\/strong><\/p>\n

Members have no interest in a company\u2019s property<\/p>\n

The owner of a timber estate sold all the timber to a company which was owned almost solely by him. He was the company\u2019s 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.<\/p>\n

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 \u201cthe corporator even if he holds all the shares is not the corporation\u2026 neither he nor any creditor of the company has any property legal or equitable in the assets of the corporation.\u201d (per Lord Wrenbury, at pg 633).<\/p>\n","protected":false},"excerpt":{"rendered":"

The owner of a timber estate sold all the timber to a company which was owned almost solely by him. He was the company\u2019s largest creditor. He insured the timber against fire, but in his own name.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[85],"class_list":["post-6210","post","type-post","status-publish","format-standard","hentry","category-cases","tag-uk-law"],"yoast_head":"\nMacaura v Northern Assurance | LawTeacher.net<\/title>\n<meta name=\"description\" content=\"The owner of a timber estate sold all the timber to a company which was owned almost solely by him. He was the company\u2019s largest creditor. 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