JOHN MEACOCK AND THE NORTHERN ASSURANCE COMPANY, LTD. v. BRYANT & CO.

(1942) 74 Ll.L.Rep. 53

KING'S BENCH DIVISION.

Before Mr. Justice Atkinson.

Insurance - Loss - Payment by underwriters - Subrogation rights - Amounts owing by Spanish debtors to English creditors (defendants) - Restriction upon export of currency from Spain - Scheme arranged between British and Spanish Governments whereby sums paid by Spanish debtors into "Centro" Fund in Spain were earmarked for English creditors and sums paid by English debtors into Bank of England were earmarked for Spanish creditors - Policies taken out by defendants with plaintiffs covering "a loss in the event of the sums deposited by a bank or banks in Spain on behalf of the insured with the 'Centro' in Spain, not being received by the insured within fifteen months from the date of such deposit" - Sums not paid within named period - Payment in full under policies - Subsequent part payments under scheme - Right of plaintiffs to recover sums received by defendants under scheme.