References:  AC 347
A contingency which makes money payable under a chose cannot affect the proprietary interests in the chose in action and therefore in its proceeds. No fresh beneficial interest in a policy of life assurance accrues or arises on the death of the life assured. The sum assured belongs to the person or persons who were beneficial owners of the policy immediately before the death.
A charge upon the subject must be imposed by clear and unambiguous language.
This case is cited by:
- Cited – Foskett v McKeown and Others HL (Times 24-May-00, Gazette 08-Jun-00, House of Lords, Bailii,  UKHL 29,  3 All ER 97,  Lloyd’s Rep IR 627,  1 AC 102,  WTLR 667, (1999-2000) 2 ITELR 711,  2 WLR 1299)
Two groups of innocent parties disputed the rights to a death benefit of about £1m. paid by insurers pursuant to a whole life policy. A trustee had misappropriated trust funds and used them in part to pay premiums on life insurance policies . .