ALGEMEENE BANKVEREENIGING v. LANGTON.

(1935) 51 Ll L Rep 275

COURT OF APPEAL.

Before Lord Justice Greer, Lord Justice Maugham and Mr. Justice Talbot.

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 counter-signature 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 12 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"- Authority of bank manager-Liability of bank in respect of forged bonds-Point of law not raised at trial-Discretion of C.A.-Estoppel- Meaning of "theft."