13 August 2013
Subir effects an insurance policy of his own life with the LIC and deposits it with a bank for securing payment of an existing debt. Subir dies and the bank claims the amt for LIC against Subir's heirs.Discuss whether the claim of the bank is maintainable?
16 August 2013
No. LIC can't recover. Actionable claim can be transferred only by assignment. In this case, only LIC policy was deposited but not assigned in favour of Bank.
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