Macaura v Northern Assurance Co Ltd {Facts} Macaura own land on which stood timber. MACAURA v NORTHERN ASSURANCE CO LTD (1925) Macaura own land on which stood timber. 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 [1925] AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil.Unusually, the request to do so was in this case made by the corporation's owner. 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. Macaura v Northern Assurance Co Ltd. ... Dalby v India & London Life Assurance Co. Macaura insured the timber in his own name. The timber was destroyed by fire and Macaura sought to recover the money from the insurance company. 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 V NORTHERN ASSURANCE LTD (1925) (for illustration purpose) Macaura own land on which stood timber. Facts: The owner of a timber estate sold all the timber to a company in which he owned almost all the shares. WTLR Issue: September 2013 #132. Held: in order to have an insurable interest in property, a person must have a legal or equitable interest … 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. He insured the timber against fire policies. Unusually, the request to do so was in this case made by the corporation's owner. He then sold the whole of the timber thereon to a timber company in consideration of fully paid up shares in the company. Macaura insured the timber, that he had sold, in his own name. Macaura v Northern Assurance Co Ltd [1925] AC 619. A … 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. Macaura had insured the timber against loss of by fire in his own name. Two weeks later, the timber was destroyed in a fire. Macaura v Northern Assurance Co Ltd [1925] AC 619 Case Summary 5th Jan 2021 Introduction: A case study in members interests in company property. A fire destroyed all timber which had been felled. Macaura v Northern Assurance Co Ltd AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil. 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