Assessments not to exceed certain amount. Additional assessments, when and how levied. absolute title thereof. The deed is prima facie proof that all proceedings in making the sale are regular. Stats. 1866, 829-30, Sec. 6. SEC. 2521. When the by-laws of a mining partnership provide what amount of work must be done in the mine, no assessment must be levied exceeding that which may be necessary to pay for the required work, nor must an additional assessment be levied until all previous assessments have been paid up, or all powers to collect the same exhausted. If by-laws provide a different method for levying assessments than that herein before provided (except as to service of notices), it must be pursued. Assessments may be levied from time to time, as the same may be required, in the manner herein provided; the member calling therefor in no case to be one who, at the time, is delinquent. Stats. 1866, 828, Sec. 2. TITLE XII. INSURANCE. CHAPTER I. INSURANCE IN GENERAL. II. MARINE INSURANCE. III. FIRE INSURANCE. IV. LIFE AND HEALTH INSURANCE. CHAPTER I. INSURANCE IN GENERAL. 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 2527. Insurance, what. what. SEC. 2527 Insurance is a contract whereby one un- Insurance, dertakes to indemnify another against loss, damage or liability, arising from an unknown or contingent event. N. Y. C. C., Sec. 1357. ARTICLE II. WHAT MAY BE INSURED. SECTION 2531. What events may be insured against. 2532. Insurance of lottery or lottery prize unauthorized. 2534. All subject to this chapter. may be against. SEC. 2531. Any contingent or unknown event, What events whether past or future, which may damnify a person insured having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of this chapter. N. Y. C. C., Sec. 1358. SEC. 2532. The preceding section does not authorize an insurance for or against the drawing of any lottery, or for or against any chance or ticket in a lottery drawing a prize. Const., Art. IV, Sec. 27; Stats. 1861, 229, Sec. 8. SEC. 2533. The most usual kinds of insurance are: 1. Marine insurance. 2. Fire insurance. 3. Life insurance. 4. Health insurance; and, 5. Accident insurance. N. Y. C. C., Sec. 1359. SEC. 2534. All kinds of insurance are subject to the All subject provisions of this chapter. to this chapter. N. Y. C. C., Sec. 1360. Designation of parties. Who may insure. Who may be insured. Assignment to mortgagee of thing insured. New contract betw'n insurer and assignee. ARTICLE III. PARTIES TO THE CONTRACT SECTION 2538. Designation of parties. 2540. Who may be insured. 2541. Assignment to mortgagee of thing insured. 2542. New contract between insurer and assignee. SEC. 2538. The person who undertakes to indemnify another, by a contract of insurance, is called the insurer, and the person indemnified is called the insured. N. Y. C. C., Sec. 1361. SEO. 2539. Any one capable of making a contract may be an insurer, subject to the restrictions imposed by special statutes upon foreign corporations, non-residents and others. N. Y. C. C., Sec. 1362. SEC. 2540. Any one except a public enemy may be insured. N. Y. C. C., Sec. 1363. SEC. 2541. Where a mortgagor of property effects insurance 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. N. Y. C. C., Sec. 1364; Bergen vs. Builders' Insurance SEC. 2542. 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. N. Y. C. C., Sec. 1365. ARTICLE IV. INSURABLE INTEREST SECTION 2546. Insurable interest, what. 2547. In what may consist. 2548. Interest of carrier or depositary. 2549. Mere expectancies. 2550. Measure of interest in property. 2551. Insurance without interest, illegal. 2552. When interest must exist. 2553. Effect of transfer. 2554. Transfer after loss. 2555. Exception in the case of several subjects in one policy. 2557. In the case of transfer between co-tenants. interest, SEC. 2546. Every interest in property, or any relation Insurable thereto, or liability in respect thereof, of such a nature what. that a contemplated peril might directly damnify the insured, is an insurable interest. N. Y. C. C., Sec. 1366. consist. SEC. 2547. An insurable interest in property may con- In what may sist in 1. An existing interest. 2. An inchoate interest founded on an existing inter est; or, 3. An expectancy, coupled with an existing interest in that out of which the expectancy arises. N. Y. C. C., Sec. 1367. SEC. 2548. A carrier or depositary of any kind has an Interest of insurable interest in a thing held by him as such, to the extent of its value. carrier or N. Y. C. C., Sec. 1368. pectancies. SEC. 2549. A mere contingent or expectant interest in Mere exanything, not founded on an actual right to the thing, nor upon any valid contract for it, is not insurable. N. Y. C. C., Sec. 1369. SEC. 2550. interest in The measure of an insurable interest in Measure of property is the extent to which the insured might be damnified by loss or injury thereof. N. Y. C. C., Sec. 1370. Insurance without interest, illegal. When interest must exist. Effect of transfer. Transfer after loss. Exception in the case of several Bubjects in one policy. In case of the death of the insurer. In the case of transfer between co-tenants. SEC. 2551. The sole object of insurance is the indemnity of the insured, and if he has no insurable interest the contract is void. N. Y. C. C., Sec. 1371. SEC. 2552. An interest insured must exist when the insurance takes effect, and when the loss occurs, but need not exist in the meantime. N. Y. C. C., Sec. 1372. SEC. 2553 Except in the cases specified in the next four sections, and in the cases of life, accident and health insurance, a change of interest in any part of a thing insured, unaccompanied by a corresponding change of interest in the insurance, suspends the insurance to an equivalent extent, until the interest in the thing and the interest in the insurance are vested in the same person. N. Y. C. C., Sec. 1373. SEC. 2554. A change of interest in a thing insured, after the occurrence of an injury which results in a loss, does not affect the right of the insured to indemnity for the loss. N. Y. C. C., Sec. 1374. SEC. 2555. A change of interest in one or more of several distinct things, separately insured by one policy, does not avoid the insurance as to the others. N. Y. C. C., Sec. 1375. SEC. 2556. A change of interest, by will or succession, on the death of the insured, does not avoid an insurance; and his interest in the insurance passes to the person taking his interest in the thing insured. N. Y. C. C., Sec. 1376. SEC. 2557. A transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to the others, does not avoid an insurance, even though it has been agreed that the insurance shall cease upon an alienation of the thing insured. N. Y. C. C., Sec. 1377. |