Report No. 21
53. Assured having no interest cannot assign.-
Where the assured has parted with or lost his interest in the subject-matter insured and has not, before or at the time of so doing, expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative:
Provided that nothing in this section affects the assignment of a policy after loss.
[Cf. section 51, English Act and section 130A, Transfer of Property Act]