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ners to be notified.

Purchaser

of interest

of special

may become special partner.

names, residences and contributions to the common stock of each of such partners, signed by each of them, and by the general partners, verified according to section 1334, acknowledged or proved, and filed, according to sections 1331 and 1332, with the clerk with whom the original certificate of the partnership was filed.

3 R. S. (5th ed.), 63, slightly modified

S1355. A special partner, or his legal representapartner. &c. tives, may sell his interest in the partnership, and the purchaser thereof may, with the consent of the other partners, become a special partner, without changing the nature of the partnership, upon filing a notice of sale within ten days thereafter with the clerk with whom the original certificate of such partnership was filed.

Dissolution of special partnership.

3 R. S., (5th ed.), 63.

S1356. A special partnership is subject to dissolution in the same manner as a general partnership,' except that no dissolution by the act of the partners is complete, until a notice thereof has been filed and recorded in the office of the clerk with whom the original certificate was recorded, and published once in each week for four weeks, in the state paper and in a newspaper printed in each county where the partnership has a place of business."

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TITLE XI.

INSURANCE.

CHAPTER I. Insurance in general.

II. Marine insurance.

III. Fire insurance.

IV. Life and health insurance.

CHAPTER I.

INSURANCE IN GENERAL.

In this chapter are inserted some rules which have been
judicially determined only in their application to par-
ticular species of insurance, but which are deemed
applicable to all classes.

ARTICLE I. Definition of insurance.
II. What may be insured.

III. Parties.

IV. Insurable interest.

V. Concealment and representation.

VI. The policy.

VII. Warranties.

VIII. Premiums.

IX. Loss.

X. Notice of loss.

XI. Double insurance.

XII. Re-insurance.

ARTICLE I.

DEFINITION OF INSURANCE.

SECTION 1357. Insurance, what.

what.

$1357. Insurance is a contract whereby one under- Insurance, takes to indemnify1 another against loss, damage or liability, arising from an unknown or contingent event.2

'In England, it is held that life insurance is not a con-
tract of indemnity (Dalby v. India Life Assurance
So., 15 C. B., 365). But a late decision in this state

(Ruse v. Mut. Benefit Ins. Co., 23 N. Y., 516), sustains the text.

The contract of insurance (other than of life and health) does not cover injuries which must inevitably occur, even though the parties do not know that they are inevitable (Paterson v. Harris, 1 Best & Sm., 336).

ARTICLE II.

What

events may be insured against.

Usual kinds of insur

ance.

All subject to this chapter.

WHAT MAY BE INSURED.

SECTION 1358. What events may be insured against.

1359. Usual kinds of insurance.

1360. All subject to this chapter.

$1358. Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of this chapter.

See Coggeshall v. American Ins. Co., 3 Wend., 283.

$1359. The most usual kinds of insurance are: 1. Marine insurance;

2. Fire insurance;

3. Life insurance; and,

4. Health insurance.

S1360. All kinds of insurance are subject to the provisions of this chapter.

Designation

of parties.

ARTICLE III.

PARTIES TO THE CONTRACT.

SECTION 1361. Designation of parties.

1362. Who may insure.

1363. Who may be insured.

1364, 1365. Assignment to mortgagee of thing insured.

S 1361. The person who undertakes to indemnify another, by a contract of insurance, is called the

insurer, and the person indemnified is called the
insured.

As underwriting is not practiced in this state, the term
"underwriter" is not used in this Code.

insure.

$1362. Any one who is capable of making a con- Who may tract may be an insurer, subject to the restrictions imposed by special statutes upon foreign corporations, non-residents and others.

S1363. Any one except a public enemy may be who may insured.

in

S1364. Where a mortgagor of property effects surance in his own name, providing that the loss shall be payable to the mortgagee, or assigns a policy of insurance to the mortgagee, the insurance is deemed to be upon the interest of the mortgagor, who does not cease to be a party to the original contract, and any act of his which would otherwise avoid the insurance will have the same effect, although the property is in the hands of the mortgagee.

Grosvenor v. Atlantic Fire Ins. Co., 17 N. Y., 391; Buf-
falo Steam Engine Works v. Sun Mutual Ins. Co., id.,
401; Bidwell v. Northwestern Ins. Co., 19 id., 179.

S1365. If an insurer assents to the transfer of an insurance from a mortgagor to a mortgagee, and, at the time of his assent, imposes further obligations on the assignee, making a new contract with him, the acts of the mortgagor cannot affect his rights.

be insured.

Assignment gee of thing

to mortga

insured.

ARTICLE IV.

INSURABLE INTEREST.

SECTION 1366. Insurable interest, what.

1367. In what may consist.

1368. Interest of carrier or depositary.

1369. Mere expectancies.

1370. Measure of interest in property.

1371. Insurance without interest, illegal.

1372. When interest must exist.

1373. Effect of transfer.

Insurable interest, what.

In what may consist.

Interest of carrier or

SECTION 1374. Transfer after loss.

1375. Exception in the case of several subjects in one policy.

1376. In case of the death of the insurer.

1377. In the case of transfer between co-tenants.

S1366. Every interest in property, or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured, is an insurable interest. 27 N. Y., 163, 173.

S1367. An insurable interest in property may con

sist in :

1. An existing interest;

2. An inchoate interest founded on an existing interest; or,

3. An expectancy, coupled with an existing interest in that out of which the expectancy arises.

§ 1368. A carrier1 or depositary' of any kind has depositary. an insurable interest in a thing held by him as such, to the extent of its value.3

Mere expectancies.

Measure of interest in property.

Insurance without

interest, illegal.

1 Chase v. Washington Mut. Insurance Co., 12 Barb., 595; Savage v. Corn Exchange Ins. Co., 4 Bosw., 1; Van Natta v. Mutual Security Ins. Co., 2 Sandf., 490;

Crowley v. Cohen, 3 B. & Ad., 478.

Waters v. Monarch Assurance Co., 5 El. & Bl., 870;

White v. Madison, 26 M. Y., 117.

'Stilwell v. Staples, 19 N. Y., 401.

S1369. A mere contingent or expectant interest in anything, not founded on an actual right to the thing, nor upon any valid contract for it, is not insurable.

Stockdale v. Dunlop, 6 M. & W., 224; Devaux v. Steele, 6 Bing. N. C., 358; Lucena v. Crawford, 3 B. & P., 94.

S 1370. The measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof.

$ 1371. The sole object of insurance is the indemnity of the insured, and if he has no insurable interest the contract is void.

1 R. S., 662, §§ 8-10; 1 Duer Ins., 94; Ruse v. Mut Beu. Ins. Co., 23 N. Y., 518.

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