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B I L L
To make Life Policies of Assurance assignable
[Note. - The Words printed in Italics are proposed to be inserted
in the Committee.]
WU on Preamble.
HEREA S Policies of Assurance on Lives are not at present Preamble.
assignable at Law, whereby very great injustice, expense, inconvenience and delay have been occasioned to parties to whom assignments thereof have been executed :
5 And whereas to secure the just claims of the Assignees of such
Policies, and to render more satisfactory transactions between debtor and creditor, whereby trade would be benefited and credit protected, it is expedient that all Policies of Insurance on Lives should be assign
able at Law; BE it therefore Enacted, by The QUEEN's most 10 Excellent Majesty, by and with the Advice and Consent of the
Lords Spiritual and Temporal, and the Commons, in this present Parliament assembled, and by the Authority of the same, THAT Authorizing from and after the passing of this Act, all Policies of Assurance for of Policies of
lives of which absolute and bonâ fide assignments have been heretofore 15 executed, or may hereafter be executed by the parties legally entitled
to make such assignments, shall vest at law to all intents and purposes in the assignee or assignees thereof, whether notice of such assignment be given to the Company assuring or not: Provided always, That the
assignment of any Policy shall not deprive the Company assuring of 20 any right in law or equity of resisting the payment of such Policy on
the ground of breach of contract or otherwise, in the same manner to
Assurance for Lives.
2. Assignee of Policy entitled to recover from Insurance Companies.
And be it Enacted, That such assignee or assignees of such Policies shall be entitled to recover the amount thereof in his or their own names from the Insurance Company with whom the same may have been effected, by action or other proceeding at law or in equity, and without the necessity of setting up a personal representative to the party who originally effected the same, or of obtaining his or their consent thereto, and that the receipt or other discharge of such assignee or assignees shall be a sufficient release to such Insurance Company for the sum payable at foot of said Policy.
3. Memorandum of Assignment to be endorsed on Policy of Assurance.
And be it Enacted, That a memorandum of every such assignment 10 shall immediately thereupon be endorsed on said Policy, setting forth the date of such assignment, and the names and descriptions of the parties thereto; such memorandum to be signed by the assignor or assignors, in the presence of Two competent witnesses : Provided always, That without such endorsement no such assignment shall be 15 valid at law or equity.
4. Age of person
And be it Enacted, That the age specified in any Policy of Insurwhose Life is insured, to be
ance of the person whose life shall be thereby insured, shall be prima deemed that
facie evidence thereof, unless the Assurance Company sball satisfactowhich is stated in the rily prove that such statement of age was not true; that is to say,
that 20 Policy.
the age was older than was in said Policy set forth and specified.
5. Policies of Assurance receivable as Evidence.
And be it Enacted, That all Policies of Assurance shall be receivable in evidence in any court of justice; provided they respectively purport to be signed by a director or directors, or their agent or secretary: Provided nevertheless, That if it can be proved on the part of such 25 Company that the said Policy was not genuine, or that the signatures thereto were forged or fraudulently obtained, then and in such case such Policy to be null and void to all intents and purposes.
For establishing a Board for the Consideration of Matters
relating to the Mercantile Marine of the United Kingdom,
[Note.—The Words and Clause printed in Italics are proposed to
be inserted in the Committee.]
HCRÉAs it is expedient to constitute such a Board as Preamble.
hereinafter is described for the consideration and superintendence of divers matters relating to the Mercantile Marine of the United Kingdom, and to make further provision by the means of such Board for the supervision of Lighthouses; BE it therefore Enacted, by The QUEEN's most Excellent MAJESTY, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority
of the same, THAT it shall be lawful for Her Majesty, by warrant Power to Her 10 under the Royal Sign Manual, to appoint any number, not more than Majesty to appoint
, Five persons, to be Commissioners under this Act, and from time to who, with the Pre
sident and Vicetime, at Her pleasure, to remove all or any of the said Commissioners, President of the and upon such removal or other vacancy to appoint another or others to form a Board of
in his or their stead : Provided always, That one of such Commis15 sioners shall always be either one of the Lords Commissioners for
executing the office of Lord High Admiral, or the Hydrographer of Her Majesty's Admiralty ; and another of such Commissioners shall always be either the Deputy Master of the Corporation of the Trinity
House of Deptford Strond, or an elder brother of the said Corpo20 ration; and the Commissioners so to be appointed shall, with the
President and Vice-President of Her Majesty's Privy Council appointed for the consideration of matters relating to Trade and Foreign Plantations, constitute a Board, to be styled, “ The Board of Mercantile