White v. . Haight
New York Court of Appeals
Appeal from the Supreine Court. The action was brought to recover the amount of a note in the following words: “$500. “ For value received, in policy No. 122, dated August 16th, 1850, issued by the Union Mutual Insurance Company, at Fort Plain, N. Y., I promise to pay the said company, or their treasurer for the time being, the sum of five hundred dollars, in such portions and at such time or times as the directors of said company may, agreeably to their act of…
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Appeal from the Supreine Court. The action was brought to recover the amount of a note in the following words: “$500. “ For value received, in policy No. 122, dated August 16th, 1850, issued by the Union Mutual Insurance Company, at Fort Plain, N. Y., I promise to pay the said company, or their treasurer for the time being, the sum of five hundred dollars, in such portions and at such time or times as the directors of said company may, agreeably to their act of incorporation, require. (Signed,) “Storm K. Haight.” The complaint stated that the insurance company named in the note was…
1Opinion of the Court
Denio, Ch. J.
Prior to the enactment of the statute of 1849, which authorizes the creation of corporations by the act of the parties, without the intervention of the legislature, for the purpose of carrying on the business of insurance, a great number of corporations had been formed, under special legislative charters, for transacting that business upon what is called the mutual principle. Though there was considerable diversity in the provisions of some of these charters, the modes in which the principle of mutuality was sought to be worked out were two only. By one of them, the parties…
2Cited by33 opinions
- Howland v. . EdmondsNew York Court of Appeals · 1862
- Mygatt v. . New York Protection Insurance CompanyNew York Court of Appeals · 1860
- Sands v. St. JohnNew York Supreme Court · 1862
- Lawrence v. . NelsonNew York Court of Appeals · 1860
- Savage v. . MedburyNew York Court of Appeals · 1859
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