Mutual Benefit Life Insurance v. Jarvis
Supreme Court of Connecticut
This was an action, brought to recover the amount of a promissory note, whieh, with its indorsement and guaranty, was as follows, viz.: “$367fVV Middletown, October 7th, 1848. “I promise to pay the Mutual Benefit Life Insurance Company, or to the order of their Treasurer, three hundred and sixty-seven dollars, for value received, without defalcation, or discount, with interest, at six per cent., payable in twelve months after date—or sooner, if required to meet assessments…
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This was an action, brought to recover the amount of a promissory note, whieh, with its indorsement and guaranty, was as follows, viz.: “$367fVV Middletown, October 7th, 1848. “I promise to pay the Mutual Benefit Life Insurance Company, or to the order of their Treasurer, three hundred and sixty-seven dollars, for value received, without defalcation, or discount, with interest, at six per cent., payable in twelve months after date—or sooner, if required to meet assessments by the company. GEO. 0. JARVIS.” “For value received, I guarantee the payment of the above note, and stand security…
1Opinion of the CourtHinman, J.
The plaintiffs’ charter makes them, in fact, as well as in name, a Mutual Benefit Life Insurance Company. This is the fundamental principle of their organization. It is implied in their name, and is more fully expressed, in the body of the charter, which gives them power to insure the respective lives of their members, and denies them the power to insure any others, by providing that all persons, who shall, at any time, insure in or with said association, shall, while they continue so insured, be deemed and taken as members of the corporation; and provides for an equal assessment upon all the…
2Cited by5 opinions
- Carlton v. Southern Mutual InsuranceSupreme Court of Georgia · 1884
- Home Protection v. AverySupreme Court of Alabama · 1888
- State v. HintonOregon Supreme Court · 1910
- Montgomery v. HarkerNorth Dakota Supreme Court · 1900
- Mutual Benefit Life Insurance v. FrenchOhio Superior Court, Cincinnati · 1872