Lawrence v. . Nelson
New York Court of Appeals
Appeal from the Superior Court of the city of New York. Action to recover the amount of six promissory notes. The trial was before a referee, who found these faots: In 1853, the General Mutual Insurance Company issued to the defendants policies upon six of their vessels. Instead of paying the premiums for insurance in cash, they gave to the company their promissory notes, payable twelve months after date.
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Appeal from the Superior Court of the city of New York. Action to recover the amount of six promissory notes. The trial was before a referee, who found these faots: In 1853, the General Mutual Insurance Company issued to the defendants policies upon six of their vessels. Instead of paying the premiums for insurance in cash, they gave to the company their promissory notes, payable twelve months after date. These notes amounted in the aggregate to the sum of $2,422.50. The several policies issued by the company, for the premiums on which the notes were given, were canceled on different days,…
1Opinion of the Court
The single point in the case is, whether the defendants' loss, adjusted before proceedings were commenced to dissolve the company, can be set off against their premium notes given to the company, as a consideration for the policy on the "Galena" and other policies. If it can, it is because it is equitable and just to do so, and no rights of third persons intervene. It may be conceded, also, that the plaintiff, as receiver, stands in the same situation that the company itself would, had the action been prosecuted by it (being in fact insolvent) to recover the amount of the notes.
I suppose…
2Cases cited1 opinion
- White v. . HaightNew York Court of Appeals · 1857
3Cited by21 opinions
- Stone v. Old Colony Street Railway Co.Massachusetts Supreme Judicial Court · 1912
- Lamb v. PannellWest Virginia Supreme Court · 1886
- Jerman's Adm'r v. BentonSupreme Court of Missouri · 1883
- Richardson v. MerrittSupreme Court of Minnesota · 1898
- Hill v. BakerMassachusetts Supreme Judicial Court · 1910
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