§ *LORD MACNAGHTEN,in moving the Second Reading of this Bill, explained that its object was to enable life insurance companies to pay into Court moneys payable in respect of a policy of insurance when they could no obtain a good receipt out of Court. It would benefit insurance companies by enabling 1434 them to discharge obligations which they admitted to be due, although there might not be at the moment a proper hand to receive the money: while the persons entitled would be afforded a cheap and expeditious means of establishing their title. For some years not long ago insurance companies had paid money into Court under the Trustee Relief Act, and the practice was encouraged by the Courts, as it was found to be extremely convenient. But the practice was challenged, and then it was seen that insurance companies, although they had set aside money to answer a claim, were not in the position of trustees, but were merely debtors. This Bill would restore the practice and place it on a sound footing. Administration in Chambers was now so much improved, and the Chancery Judges devoted so much time and attention to it, performing that part of their duties so admirably, that he was sure the practice would work very well. There was no reason to fear that insurance companies would avail themselves of this Act to an undue extent. They had nothing to gain by so doing. They parted with the money, and they were liable to costs if they paid it into Court without good reason. The last thing which insurance companies desired was to have anything to do with law or litigation in any shape.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, that there could be no possible objection to the Bill. It gave legal sanction to a practice which had been found to be very convenient, which had been pursued for some years under the authority of the Courts, but which was found not to be authorised by law. The Bill would relieve the insurance companies of a difficulty without the possibility of injuring anyone else.
§ Bill read 2a.