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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]

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