https://www.taxtmi.com/caselaws?id=198487 Acceptance and retention of premium can amount to ratification of a manager's execution of an indemnity policy, making the insurer bound by the contract. Liability under such a policy may extend to advances and withdrawals made after the policy date where the credit facility continued to operate, and a claim is not premature merely because default has occurred and enforceable liability has accrued on that default. Unless the contract expressly requires it, the creditor need not first exhaust remedies against the principal debtor or security before proceeding under the policy. Any amount already paid during the suit must be given credit in the decree, including adjustment between connected decrees. en-us Tue, 05 Apr 1977 00:00:00 +0530 Wed, 04 Nov 2020 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198487 Acceptance and retention of premium can amount to ratification of a manager's execution of an indemnity policy, making the insurer bound by the contract. Liability under such a policy may extend to advances and withdrawals made after the policy date where the credit facility continued to operate, and a claim is not premature merely because default has occurred and enforceable liability has accrued on that default. Unless the contract expressly requires it, the creditor need not first exhaust remedies against the principal debtor or security before proceeding under the policy. Any amount already paid during the suit must be given credit in the decree, including adjustment between connected decrees. Case-Laws Indian Laws Tue, 05 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198487