Virginia-Carolina Chemical Co. v. Sundry Ins. Cos.

Citations

• 108 F. 451
• 1901 U.S. App. LEXIS 4552

Syllabus

<p>1. Insurance — Transfer or Proiuorty.</p> <p>A policy oí insurance against lire declared that the transfer of the property insured, without the consent of the insurer, would avoid the policy. When the property covered by such a policy is transferred to a third party, with (lie consent of the insurer, a new contract arises between the insurer and the transferee of the property, in effect the same as the issuance of a new policy.</p> <p>2. Same — Construction of Policy.</p> <p>When a policy of insurance is issued to A., loss, if any, payable to A., or B., as interest may appear, this is a contract to insure B. as well as A. to the- full extent of his interest; and, if A. indorse on the policy a disclaimer of an interest in the property covered hy the policy, B. is the only party insured under this contract, and may bring suit upon it in his own name and in his' own right.</p> <p>8. Same — Removal op Causes.</p> <p>An action brought by B., a Virginia corporation, under these circumstances, in the state court, against a corporation of another state, is removable into the federal court, at the instance of the defendant corporation, notwithstanding that neither the defendant corporation nor the plaintiff corporation is a resident of South Carolina.</p> <p>(Syllabus by the Court.)</p>