Report No. 21
54. Assignment of rights under policy of marine insurance.-
Where a policy of marine insurance has been assigned so as to pass the beneficial interest therein, the assignee of the policy is entitled to sue thereon in his own name; and the defendant is entitled to make any defence arising out of the contract which he would have been entitled to make if the suit had been brought in the name of the person by or on behalf of whom the policy was effected.
[Cf. section 50(2), English Act and section 135A(1), Transfer of Property Act]