PHILADELPHIA NATIONAL BANK v. PRICE.

(1938) 60 Ll.L.Rep. 257

COURT OF APPEAL.

Before Sir Wilfrid Greene (Master of the Rolls), Lord Justice Scott and Lord Justice MacKinnon.

Insurance - Forged securities policy - Fraud of customer of bank-Advances made in good faith by bank upon fictitious invoices deposited by customer- Advances made and invoices (Some fictitious) deposited daily over a period during currency of policy-Daily advances never more than 25,000 dols.- Bank's losses during currency of policy amounting to over 400,000 dols.-Claim by bank under policy-"Notwithstanding anything to the contrary herein contained this insurance is only to pay claims for the excess of 25,000 dols., ultimate net loss, by each and every loss or occurrence" - Whether the numerous fraudulent transactions were so inter-related as to amount to one ultimate net loss or whether each day's loss was a separate loss or occurrence.