ALGEMEENE BANKVEREENIGING v. WORLD AUXILIARY INSURANCE CORPORATION, LTD.; SAME v. LANGTON.

(1934) 50 Ll L Rep 95

KING'S BENCH DIVISION.

Before Mr. Justice MacKinnon.

Insurance-Banker's policy-Claim by Belgian bank-Practice of bank to issue bonds to customers paying in money on deposit-Bonds originally issuable by bank manager upon his signature alone-Instructions to bank manager to use new form of bond requiring countersignature by two directors-Misappropriation by bank manager of customers' deposits by use of old form-Whether recoverable by bank under policy covering losses incurred "by reason of any money. . . in which they are interested, or the custody of which they have undertaken, and which now are . . . or at any time during the said period of twelve months may be in or upon their own premises . . . being (while so in or upon such premises . . .) lost, destroyed, or otherwise made away with by . . . theft, robbery or hold-up, whether with or without violence, and whether from within or without, and whether by the officers, clerks and servants of the assured or any other person or persons whomsoever."