Hope Oil Mill, Compress & Manufacturing Co. v. Phœnix Assurance Co.

Citations

• 74 Miss. 320

Syllabus

<p>1. IüsuRAircE. Interest in property.</p> <p>Whoever may be fairly said to have a reasonable expectation of pecuniary advantage from the preservation of property, whether personally or as the representative of others, has an insurable interest therein.</p> <p>2. Same. Primilege tax.</p> <p>In 'ease of suit on a policy issued to a person so interested in the property, it is not a defense that other persons having an interest therein acquired their interest in the course of a business subject to a privilege tax due and unpaid,</p> <p>3. Same. Interest of others.</p> <p>It is not a defense to such a case that certain other parties who might have been interested in the property suffered no loss by its destruction.</p> <p>4. Same. Other insurance.</p> <p>In such case it is not a defense that other persons having an interest in the property had taken out further insurance.</p> <p>5. Same. False statements.</p> <p>Statements of the insured relative to other insurance relate only to insurance taken by him where there is no inquiry concerning insurance by others.</p> <p>6. Same. Special interest.</p> <p>The insured whose interest in the destroyed property was special can sue for whatever interest he owned and for the amount due other owners, which amount, when recovered, will be held by him in trust for such owners.</p>