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Macaura v Northern Assurance Co Ltd (1925) AC 619. Facts: The owner of a timber estate sold all the timber to a company in which he owned almost all the shares. In Macaura v. Northern Assurance Co. Ltd (1925) AC 619 the subject matter of insurance was timber which had been sold by the insured to a company in which he was the sole shareholder and a substantial creditor of the company. The company carried the business of felling and milling timber. The company carried the business of felling and milling timber. Cases & Articles Tagged Under: Macaura v Northern Assurance Co Ltd [1925] AC 619 | Page 1 of 1. A fire destroyed all timber which had been felled. Macaura insured the timber in his own name. Prest v Petrodel Resources Ltd & ors [2013] UKSC 34. He sold the land and timber to a company he formed and received as consideration all the fully paid shares. Macaura insured the timber, that he had sold, in his own name. Macaura v Northern Assurance Co Ltd [1925] AC 619. Held: in order to have an insurable interest in property, a person must have a legal or equitable interest … Michael Prest (husband) and Yasmin Prest (wife) were married for 15 years and had four children before the wife petitioned for divorce in March 2008. He sold all the timbers on the estate to a company where all the shares in the company were owned by him. Macaura v Northern Assurance Co Ltd AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil. A … He then sold the whole of the timber thereon to a timber company in consideration of fully paid up shares in the company. Macaura had insured the timber against loss of by fire in his own name. Macaura v Northern Assurance Co Ltd {Facts} Macaura own land on which stood timber. | University of Waikato. Unusually, the request to do so was in this case made by the corporation's owner. He sold the land and timber to a company he formed and received as consideration all the fully paid shares. The timber was destroyed by fire and Macaura sought to recover the money from the insurance company. Case: Macaura V v Northern Assurance Co. Ltd. [1925] AC 619 Macaura owned an estate. MACAURA v NORTHERN ASSURANCE CO LTD (1925) Macaura own land on which stood timber. He insured the timber against fire policies. Daimler Co Ltd v. Continental Tyre & Rubber Co Ltd, (1916) 2 AC 307; Macaura v. Northern Assurance Company (1925) AC 619; Vodafone International Holdings v. Union of India (2011) 198 Taxman 418 (SC) RC Cooper v. Union of India, (1970) 1 SCC 248; Bennet Coleman And Co. vs Union of India And Ors. Two weeks later, the timber was destroyed in a fire. WTLR Issue: September 2013 #132. Macaura v Northern Assurance Co Ltd CourtHouse of Lords Decided3 April 1925 Citation AC 619 Court membership Judge sittingLord Sumner, Lord Buckmaster, Wrenbury, Atkinson … But he had not transferred the insurance policy to the company name. Macaura v Northern Assurance Co Ltd. ... 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