Arrival of thing damaged. Labor and expenses. General average. Contribution. One-third new for old. 1222. If the thing insured arrives damaged at the port of destination, the measure of the insurer's liability is the difference between the market price of the thing so damaged, and the market price it would have borne if sound. 3 Kent's Com., 336. § 1223. The insurer is liable for all the labor and expense attendant upon a loss which forces the ship into port to be repaired; and where the policy provides that the insured shall labor for the recovery of the property, the insurer is liable for the expenses incurred thereby in addition to a total loss. 3 Kent's Com., 339. § 1224. The insurer is liable for a loss falling upon the insured through a contribution in respect to the thing insured, required to be made by him towards a sacrifice called for by a peril contemplated by the policy. § 1225. Where the insured has a demand against others for contribution, he may claim the whole loss from the insurer, subrogating him to his own rights for contribution. Jumel v. Marine Ins. Co., 7 Johns., 412; Magrath ♥. Church, 1 Cai., 196. § 1226. In the case of a partial loss of a ship or its equipments, the old materials are to be applied towards payment for the new, and whether the ship is new or old, the insurer is liable for only two-thirds of the remaining cost of the repairs. Byrnes v. National Ins. Co., 1 Cow., 265; 2 Pars. Mar. L, 437. CHAPTER III. FIRE INSURANCE. SECTION 1227. Representations. 1228. Alterations. 1229. Id. 1230. Acts of the insured. 1231. Effect of change of interest. 1232. Id. 1233. Id. 1234. Id. § 1227. An insurance against fire is not affected by a concealment, nor by the falsity of a representation not inserted in the policy, even though in a material point, unless made with a fraudulent intent. See Burritt v. Saratoga Mut. Fire Co., 5 Hill, 588. § 1228. An alteration in the uses or condition of the thing insured from those to which it is limited by the policy, made without the consent of the insurer, by means within the control of the insured, and which increases the risk, avoids the policy. Ang. Ins., 206. False repre sentation. Alteration. tions of thing insured, § 1229. An alteration which does not, in itself, or by the Alteration. use of the means of alteration, increase the risk, does not affect the policy. Ibid. insured. § 1230. Acts of the insured, subsequent to the execution Acts of the of the policy, which do not violate its provisions, even though they increase the risk, do not affect the policy, unless they are the cause of a loss. Stebbins v. Globe Ins. Co., 2 Hall, 632. change of interest. 1231. Except where it is otherwise provided, if, before Effect of a loss, any portion of the interest insured is devolved upon another person than the insured, and the insured does not, with the consent of the insurer, transfer the policy, or a proportionate interest therein, to his successor in interest, Exception in the case of several subjects in the policy becomes void, except in the cases hereinafter mentioned. Ang. Ins., 258-288. § 1232. A change of the interest in one or more of several distinct things, separately insured by one policy, does one policy. not avoid the policy as to the others. In the case of the death of the insurer. In the case of transfer between cotenants. § 1233. A change of interest, by succession, upon the death of the insured, does not avoid the policy. This is deemed a reasonable exception. § 1234. A transfer of interest by one of several partners, joint-tenants or tenants-in-common, who are jointly insured, to the other, does not avoid the policy. 16 Barb., 511; 23 id., 623. Insurance upon life, ble. CHAPTER IV. LIFE AND HEALTH INSURANCE. SECTION 1235. When life insurance may be payable. 1236. Insurable interest. 1237. Assignment of policy. 1239. Measure of interest. § 1235. An insurance upon life may be made payable when paya- upon the death of the person, or upon his surviving a specified period, or periodically so long as he shall live, or otherwise contingent upon the continuance or determination of life. Insurable interest. § 1236. Every person has an insurable interest in the life and health 1. Of himself; 2. Of any person on whom he depends wholly or in part for education or support; 3. Of any person under a legal obligation to him for the payment of money, or respecting property or services, which death or illness might defeat or prevent performance 4. Of any person upon whose life any estate or interest, vested in him, depends.' A sister has an insurable interest in the life of her § 1237. A policy of insurance on life or health may pass by transfer, will or succession, to any person, whether he has an insurable interest or not, and such person may recover upon it whatever the original insured might have recovered. St. John v. Amer. Mut. Life Ins. Co., 13 N. Y., 31; 2 &c. of life policy need Assignee, have no interest. assignment § 1238. Unless otherwise provided in the policy, notice Notice of to the insurer of an assignment or bequest is not necessary to preserve the validity of the policy. Ang. Ins., 413. § 1239. Unless the interest of the insured is susceptible of exact pecuniary measurement, the measure of interest is the sum fixed in the policy. Compare St. John v. Amer. Life Ins. Co., 2 Duer, 419; 13 In what sum fixed cases the by the policy is conclusive. TITLE XIII. COMMERCIAL PAPER. CHAPTER I. Commercial paper in general. III. Promissory notes. IV. Checks and drafts. V. Bank notes and certificates of deposit. CHAPTER I. COMMERCIAL PAPER IN GENERAL. ARTICLE I. What paper is negotiable. II. Interpretation. III. Transfer without indorsement. IV. Indorsement. V. Right to payment. VI. Presentment for payment. VII. Dishonor. VIII. Excuse of presentment and notice. IX. Exoneration of parties. ARTICLE I. To what instru WHAT PAPER IS NEGOTIABLE. SECTION 1240. To what instruments this title is applicable. 1241. Negotiable instrument, what. 1242. What it may contain. 1243. What it need not contain. 1244. Date. 1245. Different classes of negotiable paper. § 1240. The provisions of this title apply only to negoments this tiable paper, as defined in § 1241. title is applicable. Negotiable instrument, what, § 1241. A negotiable instrument is a writing,' with or without seal, signed by the party to be charged thereby, or his agent for that purpose,' promising or requesting the payment of a specified sum of money only,' without any |