CHAPTER III. FIRE INSURANCE. SECTION 1227. Representations. 1228. Alterations. 1229. Id. 1230. Acts of the insured. 1231. Effect of change of interest. 1232. Id. 1233. Id. 1234. Id. § 1227. An insurance against fire is not affected by a concealment, nor by the falsity of a representation not inserted in the policy, even though in a material point, unless made with a fraudulent intent. See Burritt v. Saratoga Mut. Fire Co., 5 Hill, 588. False representation. tions of thing insured. § 1228. An alteration in the uses or condition of the Alteration. thing insured from those to which it is limited by the policy, made without the consent of the insurer, by means within the control of the insured, and which increases the risk, avoids the policy. Ang. Ins., 206. § 1229. An alteration which does not, in itself, or by the Alteration. use of the means of alteration, increase the risk, does not affect the policy. Ibid. insured. § 1230. Acts of the insured, subsequent to the execution Acts of the of the policy, which do not violate its provisions, even though they increase the risk, do not affect the policy, unless they are the cause of a loss. Stebbins v. Globe Ins. Co., 2 Hall, 632. change of interest. § 1231. Except where it is otherwise provided, if, before Effect of a loss, any portion of the interest insured is devolved upon another person than the insured, and the insured does not, with the consent of the insurer, transfer the policy, or a proportionate interest therein, to his successor in interest, Exception in the case of several subjects in the policy becomes void, except in the cases hereinafter mentioned. Ang. Ins., 258-288. § 1232. A change of the interest in one or more of seve ral distinct things, separately insured by one policy, does one policy. not avoid the policy as to the others. In the case of the death of the insurer. In the case of transfer between cotenants. § 1233. A change of interest, by succession, upon the death of the insured, does not avoid the policy. This is deemed a reasonable exception. § 1234. A transfer of interest by one of several partners joint-tenants or tenants-in-common, who are jointly insured, to the other, does not avoid the policy. 16 Barb., 511; 23 id., 623. Insurance upon life, CHAPTER IV. LIFE AND HEALTH INSURANCE. SECTION 1235. When life insurance may be payable. 1236. Insurable interest. 1237. Assignment of policy. 1239. Measure of interest. § 1235. An insurance upon life may be made payable when paya- upon the death of the person, or upon his surviving a specified period, or periodically so long as he shall live, or otherwise contingent upon the continuance or determination of life. Insurable interest. § 1236. Every person has an insurable interest in the life and health 1. Of himself; 2. Of any person on whom he depends wholly or in part for education or support; 3. Of any person under a legal obligation to him for the payment of money, or respecting property or services, which death or illness might defeat or prevent performance 4. Of any person upon vested in him, depends.' whose life any estate or interest, A sister has an insurable interest in the life of her § 1237. A policy of insurance on life or health may pass by transfer, will or succession, to any person, whether he has an insurable interest or not, and such person may recover upon it whatever the original insured might have recovered. St. John v. Amer. Mut. Life Ins. Co., 13 N. Y., 31; 2 &c., of life policy need Assignee, have no interest. assignment § 1238. Unless otherwise provided in the policy, notice Notice of to the insurer of an assignment or bequest is not necessary to preserve the validity of the policy. Ang. Ins., 413. § 1239. Unless the interest of the insured is susceptible of exact pecuniary measurement, the measure of interest is the sum fixed in the policy. Compare St. John v. Amer. Life Ins. Co., 2 Duer, 419; 13 In what sum fixed cases the by the policy is conclusive. TITLE XIII. COMMERCIAL PAPER. CHAPTER I. Commercial paper in general. IV. Checks and drafts. V. Bank notes and certificates of deposit. CHAPTER I. COMMERCIAL PAPER IN GENERAL. ARTICLE I. What paper is negotiable. II. Interpretation. III. Transfer without indorsement. IV. Indorsement. V. Right to payment. VI. Presentment for payment. VII. Dishonor. VIII. Excuse of presentment and notice. IX. Exoneration of parties. ARTICLE I. WHAT PAPER IS NEGOTIABLE. To what instru SECTION 1240. To what instruments this title is applicable. 1242. What it may contain. 1243. What it need not contain. 1244. Date. 1245. Different classes of negotiable paper. § 1240. The provisions of this title apply only to nego ments this tiable paper, as defined in § 1241. title is applicable. instrument, what, Negotiable § 1241. A negotiable instrument is a writing,' with or without seal, signed by the party to be charged thereby, or his agent for that purpose,' promising or requesting the payment of a specified sum of money only,' without any condition that is not absolutely certain of fulfillment, to the bearer, or to the order of a specified person, described with such certainty that he can be ascertained at the time. the instrument is made." § 1242. A negotiable instrument may also contain a What it provision for its conversion into a contract of a different may contain nature at the option of the holder,' and a pledge of collateral security, with authority to dispose thereof.' It cannot contain any other contracts than those mentioned in this section, and 1241,' but it may contain any matters not amounting to a contract, and not inconsistent with the provisions of 1241. 1 Hodges v. Shuler, 22 N. Y., 114. 2 Arnold v. Rock River Co., 5 Duer, 207. See Austin v. Burns, 16 Barb., 643. This allows instructions as to placing to account, ad- § 1243. It is not necessary that the instrument should be dated,' nor that it shonld specify any time' or place of payment, though it may do so.3 'Mechanics' & F. Bank v. Schuyler, 7 Cow., 337, a. what it contain. need not § 1244. Any date may be inserted by the maker, Date. whether past, present, or future, and the instrument is not invalidated by his death or incapacity at the time of the nominal date.' § 1245. There are six classes of negotiable paper, namely: Different 1. Bills of exchange; 2. Promissory notes; classes of negotiable paper. |