Is a purchaser entitled to claim any of the proceeds from a policy of insurance that was paid out to a vendor prior to the signing of a contract?
Ontario, Canada
The following excerpt is from Keefer v. Phoenix Insurance Co. of Hartford, 1899 CanLII 27 (ON CA):
In Rayner v. Preston (1881), 18 Ch. D. 1, it was held that a purchaser was not as against his vendor entitled to the benefit of moneys received by the latter under a policy of insurance effected on the premises before the making of the contract.
But in Castellain v. Preston, it was held that the insurance company was entitled to recover back all the defendants had received beyond what was required to indemnify them against personal loss.
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