Court : Mumbai
Reported in : (1968)70BOMLR487; 38CompCas294(Bom)
..... england and in india. 4. in english common law both before and after the judicature act of 1873, right upto 1906, subrogation was an equitable arrangement incident to all contracts of indemnity and to all payments on account thereof. the doctrine has been discussed in arnould of marine insurance in volume 10 of british shipping laws, 1961 edition. in burnand v. rodocanacdi ..... the person indemnified might have protected himself against or reimbursed himself for the loss.' 8. the principle insisted upon throughout is that it is entirely foreign to the spirit of contracts of indemnity that a person indemnified should recover his loss more than once; it is, therefore, clear that if he has already recovered from a third party, there can be no ..... liability under the contract of indemnity. on the other hand, if he has not previously recovered from such third party, but has the right to do so, there is no reason why such third party ..... person viz., insurer, cannot subsequently enforce it against the promisor, viz., the carrier. in other words, the argument was that where an assured person accepts money under a contract of insurance or indemnity from the insurer, he cannot subsequently sue the wrongdoer or the tort-feasor in respect of any claim for loss or damage. here, as we have pointed out, the .....Tag this Judgment!
Court : Karnataka
Reported in : AIR1987Kant139; ILR1986KAR3313
..... and the purchaser in order to see that the seller gets his money without much difficulty. 17. section 124 of the contract act defines the contract of indemnity as: -'a contract by which one party promises to save the other from loss caused to him by the conduct of the promissory himself, ..... therefore a reference to the said various paragraphs would clearly bring out that there is a. marked distinction between letters of credit, contracts of guarantee and contracts of indemnity. the said supreme court case involved only a letter of credit. therefore the reliance placed by the learned counsel shri sundara swamy on ..... dependent on a third person's default. a promise to be primarily and independently liable is not a guarantee, though it may be an indemnity. in a contract of guarantee there have to be three parties; (1) a principal debtor whose liability may be actual or prospective, (2) a creditor ..... or by the conduct of any other person, is called a contract of indemnity- 'section 125 of the contract act reads as: - the promise in a contract of indemnity, acting within the scope of his authority, is entitled to) recover from the promissory- (1) all ..... said rulings referred to by both the advocates, it is necessary to find out the meaning of the words(i) letter of credit;(ii) contract of guarantee; and(iii) contract of indemnity.16. the learned author h.p. sheldon his practice and law of- banking, 8th edition (revised) has stated as: i 'letter .....Tag this Judgment!
Court : US Supreme Court
..... the constitution, he also has the right to name the wage for his labor and to fix the terms of contracts of indemnity, whether they be contracts of indorsement or suretyship or contracts of indemnity against loss by fire, flood, or accident. in view of what judge cooley calls the general supposition that "the ..... have themselves fixed this charge, and this makes most strongly in favor of their right to continue to agree upon the price of a private contract of indemnity against loss by fire. the act now under review not only takes property without due process of law, but it unequally and arbitrarily selects ..... "the number of transactions do not give the business any other character than magnitude." the character of insurance, therefore, as a private and personal contract of indemnity has not been changed by page 233 u. s. 423 its magnitude or by the fact that more policies and for greater amounts are now ..... be regulated by statute. and such laws are not without english precedent. for while no statute ever before attempted to fix the price of a contract of indemnity, * yet under a parliament that sat as a perpetual constitutional convention, with power page 233 u. s. 421 to pass bills of attainder ..... are classed among those "strictly private." leavenworth county v. miller, 7 kan. 520. the fact that insurance is a strictly private and a personal contract of indemnity puts it on the extreme outside limit, and removes it as far as any business can be from those that are in their nature public. .....Tag this Judgment!
Court : Chennai
Reported in : (1946)1MLJ383
..... page 401 we find this:in some cases it is a question of fact whether the circumstances are such as to raise the implication of a contract for indemnity; but in cases like the one now before your lordships when a person is requested to exercise a statutory duty for the benefit of the ..... defendant. in fact the plaintiffs asked the defendant to indemnify them and the defendant did not reply and therefore there was no case of an express contract of indemnity. all that happened was that at the request of the defendant, the plaintiffs delivered possession of the trucks to the defendant. it ultimately turned out ..... duty to indemnify arising from an assumed promise by a person to do that which, under the circumstances, he ought to do. the right to indemnity need not arise by contract; it may (to) give other instances) arise by statute; it may arise upon the notion of a request made under circumstances from which ..... by the judicial committee and on page 182 their lordships say this:a right to indemnify generally arises from contract express or implied, but it is not confined to cases of contract. a right to indemnity exists where the relation between the parties is such that either in law or in equity there is an ..... law in similar terms. at page 272, cotton, l.j., expressed himself thus after dealing with the cases of express contract and trustees and cestui que trust:then, is there any ground of indemnity? of course, if a requests b to do a thing for him and b in consequence of his doing that .....Tag this Judgment!
Court : Chennai
Reported in : (1982)1MLJ203
..... third party and claim relief against him.it has been further laid down in the decision cited above that:a right to indemnity generally arises from contract express or implied, but it is not confined to cases of contract. a right to indemnity exists where the relation between the parties is such that either in law or equity there is an obligation upon the ..... party to the suit, if he makes out a case that such third party is bound to indemnify him in connection with the, suit transaction. indemnity referred to in order 8-a need not necessarily spring from, contract.17. in rangaswami v. ramamami : (1968)2mlj12 , ramanujam, j., has taken a similar view, and has held that the liability to indemnify need not ..... by the conduct of any other person and that there, was no contract of indemnity. the expression 'indemnity' in order 8-a, civil procedure code, is not to be understood as confined to an indemnity arising out of a contract contemplated by section 124 of the indian contract act. the right to indemnity may arise from a contract, express or implied.10. in eastern shipping company limited v. quash beng ..... .r. 1955 mad. 3910 , that:the third party procedure is applicable only to cases of contribution or indemnity. in effect, a claim to contribution is a claim to a partial indemnity. contribution is bottomed and fixed on general principles of justice and does not spring from contract, though contract may qualify it; a right to contribution may be created by statute. a right to .....Tag this Judgment!
Court : Chennai
Reported in : 95Ind.Cas.154
..... debtor whatever sum he has rightfully paid under the guarantee, but no sums which he has paid wrongfully.16. i think that the contract act draws a distinction between contracts of indemnity and contracts of suretyship and that contracts of suretyship, unlike contracts of indemnity, require the concurrence of three persons, namely, the principal debtor, the creditor, and the surety. the surety undertakes his obligation at ..... my opinion, that there should be three parties to it, timely, the surety, the principal debtor and the creditor;, otherwise it will only be a contract of indemnity. section 145 which enacts that in every contract of guarantee there is an implied promise by the principal debtors to indemnify the surety clearly shows that the debtor and the surety are both parties ..... as to the necessity of a request, actual or constructive, of the principal debtor to the surety in order that there may be an effective contract of suretyship.19. so far as the contract of indemnity is concerned by which a person agrees to indemnify another against loss caused by the conduct of a third person and which does not require the ..... the request express or implied of the principal debtor. heading sections 126 and 145 together, it seems to me that there can- be no contract of guarantee as distinguished from a contract of indemnity unless there is' privity between the principal debtor and the surety as it is difficult to speak of an implied promise between persons between persons whom .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1929Cal208,118Ind.Cas.882
..... lord justice was there expounding the doctrine of the common law, which he recognized was different to the rule in equity. moreover in that case the right of indemnity did not arise from contract but from a trust and the learned judge goes on to say at p. 714:it would not be right for a trustee to obtain money from this ..... p. 486 says:moreover, i think this decision follows logically on the manner in which courts of equity had given effect to contracts of indemnity. in many cases they had ordered the indemnifier to pay the debt against which the indemnity had been given though nothing had been paid by the person indemnified. cruse v. paine  4 ch. 441 is an example ..... law would not in any way have recognized. equity has always taken a wider and more liberal view of these rights of indemnity than the old common law courts did. it is settled at common law that, given a contract of indemnity, no action could be maintained until actual loss had been incurred. the common law view was first pay and then come ..... the learned judge. i do not think that the contention of the respondents is sound. how the person who receives payment of a sum of money under a contract of insurance or re-insurance, or, i will add, of indemnity, deals with that sum is, in general and apart from special considerations, no concern of the party who, in fulfilment of his .....Tag this Judgment!
Court : DRAT Delhi
Reported in : II(2004)BC183
..... of the principal debtor, and the liability of the surety will be co-extensive with that of the principal debtor, whereas, under a contract of indemnity, the indemnifier agrees to make good the loss suffered by another person in view of the conduct of the promisor himself or of a ..... the promisor himself, or by the conduct of any other person, is called a 'contract of indemnity'. "126. 'contract of guarantee', 'surety', 'principal debtor' and 'creditdr'.--a 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default. ..... counsel for the appellants/ defendants refers to the provisions of sections 124 and 126 of the indian contract act. section 124 of the indian contract act reads as follows : "124. 'contract of indemnity' defined.--a contract by which one party promises to save the other from loss caused to him by the conduct of ..... the learned counsel for the respondent-bank, on the other hand, contends that though this document is titled as an indemnity bond, it is in reality a deed of contract of guarantee. he also contends that it is not necessary that a deed of guarantee should be a tripartite agreement. the ..... . the appellants/defendants have also urged that the various aspects of law raised by them including the plea regarding limitation, and the concept of indemnity and guarantee have not been discussed by the drt in the final order. the appellants/ defendants have also urged that their right to file .....Tag this Judgment!
Court : US Supreme Court
..... of the court. the arcane but financially important question before us is whether ceding commissions paid by a reinsurance company to a direct insurer under a contract for indemnity reinsurance are fully deductible in the year tendered, or instead must be amortized over the anticipated life of the reinsurance agreements. i this case involves the ..... reinsurance ceded shall be included in return premiums." thus, to compress petitioner's labyrinthine statutory argument, petitioner should prevail in this case if ceding commissions for indemnity reinsurance are fairly encompassed in either the statutory term "premiums and other consideration arising out of reinsurance ceded" or the regulatory definition "consideration returned to another ..... income] "). our agreement with respondent as to the character of ceding commissions therefore resolves this case, absent some specific statutory provision indicating that ceding commissions for indemnity insurance are an exception to the general rule for which congress has authorized current deduction. petitioner offers three possible sources in subchapter l of such a specific ..... reinsurance agreement, the reinsurer steps into the ceding company's shoes, becoming directly liable to the policyholders and receiving all premiums directly. in contrast, under an indemnity reinsurance agreement, the reinsurer assumes no direct liability, instead reimbursing the ceding company for a specified percentage of the claims and expenses attributable to the risks that .....Tag this Judgment!
Court : Chennai
Reported in : AIR1946Mad472
..... lord chancellor and at page 401 we find this:in some cases it is a question of fact whether the circumstances are such as to raise the implication of a contract for indemnity; but in cases like the one now before your lordships, when a person is requested to exercise a statutory duty for the benefit of the person making the request ..... the part of the defendant. in fact the plaintiffs asked the defendant to indemnify them and the defendant did not reply and therefore there was no ease of an express contract of indemnity. all that happened was that at the request of the defendant, the plaintiffs delivered possession of the trucks to the defendant. it ultimately turned out to be tortious in ..... . the law was discussed by the judicial committee and on p. 182 their lordships say this:a right to indemnify generally arises from contract express or implied, but it is not confined to cases of contract. a right to indemnity exists where the relation between the parties is such that either in law or in equity there is an obligation upon the one ..... of appeal laid the law in similar terms. at page 272 cotton l.j., expressed himself thus after dealing with the cases of express contract and trustees and cestui que trust:then, is there any ground of indemnity? of course, if a. requests b to do a thing for him, and b in consequence of his doing that act is subject to .....Tag this Judgment!