How have courts dealt with the issue of directors not knowing that a policy of life insurance had lapsed?
Saskatchewan, Canada
The following excerpt is from Mobil Oil Canada Ltd. v. Storthoaks (Rural Municipality) No. 31, 1973 CanLII 896 (SK CA):
The leading case of Kelly v. Solan (1841), 9 M. & W. 54, 152 E.R. 24, is directly in point because there it was held that the knowledge of two directors that the policy of life insurance had lapsed did not prevent recovery by the insurance company of the money paid on the policy under a mistake of fact when the directors testified, that they had forgotten that the policy had lapsed.
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