The Marine Insurance Act, 1963
Section 53. Assured who has 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.
Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.
Cases citing this section
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