People v. . Metropolitan Surety Co.
New York Court of Appeals
Appeal from an order of the Appellate -Division of the Supreme Court in the third judicial department, entered January 15, 1912, which affirmed an order of Special Term confirming the report of a referee disallowing a claim presented to the receiver of an insolvent surety company.
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Appeal from an order of the Appellate -Division of the Supreme Court in the third judicial department, entered January 15, 1912, which affirmed an order of Special Term confirming the report of a referee disallowing a claim presented to the receiver of an insolvent surety company. The Metropolitan Surety Company was a domestic corporation authorized by its charter to guarantee “ the performance of contracts other than insurance policies ” and to execute or guarantee “bonds and undertakings required or permitted in all actions or proceedings or by law required.” On the 5th of January, 1909, an…
1Opinion of the CourtVann, J.
The undertaking in question is in the words of the statute authorizing it, as the promise of the obligor is to pay “ the amount of any judgment which may be recovered in the action.” (Code Civ. Pro. § 688.) This was not an absolute but a contingent promise. It was the promise of a surety which is contingent in its nature. It could become effective in creating an absolute liability only upon the happening of an uncertain event. The promise must be considered in the light of the facts as they existed when it was made and at that time it was an open question whether the claimant would recover…
2Cases cited23 opinions
- Mumma v. Potomac Co.Supreme Court of the United States · 1834
- People v. Security Life Insurance & Annuity Co.New York Court of Appeals · 1879
- People v. Globe Mutual Life InsuranceNew York Court of Appeals · 1883
- People v. . American Loan Trust Co.New York Court of Appeals · 1902
- Wolf v. StixSupreme Court of the United States · 1879
18 more not listed; retrieve them via the Exa API.
3Cited by43 opinions
- Pennsylvania Steel Co. v. New York City Ry. Co.Court of Appeals for the Second Circuit · 1912
- Matter of Empire State Surety Co.New York Court of Appeals · 1915
- People v. . Metropolitan Surety Co.New York Court of Appeals · 1914
- Matter of People (Lexington S. I. Co.)New York Court of Appeals · 1936
- Title & Trust Co. v. United States Fidelity & Guaranty Co.Oregon Supreme Court · 1931
38 more not listed; retrieve them via the Exa API.