Union Pac. Life Ins. v. Ferguson
Oregon Supreme Court
From Marion: William Galloway, Judge. Statement by Me. Justice Eakin. This is a mandamus proceeding by the Union Pacific Life Insurance Company against J. W. Ferguson, as Insurance Commissioner of the State of Oregon.
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From Marion: William Galloway, Judge. Statement by Me. Justice Eakin. This is a mandamus proceeding by the Union Pacific Life Insurance Company against J. W. Ferguson, as Insurance Commissioner of the State of Oregon. The action was commenced in October, 1912, by the issuance of an alternative writ of mandamus, in which it is recited that the plaintiff is incorporated under the laws of the State of Oregon for the transaction of a life insurance business, with a capital stock of $100,000; that it has a paid-up, unimpaired cash capital exceeding $100,000, invested as required by Section 4610,…
1Opinion of the CourtJustice Eakin
Two principal questions are presented: (1) Does the recital in the writ show that plaintiff has a paid-up, unimpaired cash capital equal to $100,000 gold coin of the United States? (2) Are the securities to which defendant objects such as are required by the statute? The term “capital” is used in varying senses by text-writers and in the decisions of the courts, which are well defined and distinguished in the text and notes in 5 Am. *398& Eng. Enc. Law (2 ed.), p. 134, et seq., in which it is said, at page 137:
“ ‘Capital’ and ‘capital stock’ are frequently used interchangeably; ‘capital stock’…
2Cases cited5 opinions
- Farrington v. TennesseeSupreme Court of the United States · 1878
- People Ex Rel. Union Trust Co. v. ColemanNew York Court of Appeals · 1891
- Bailey, Collector v. ClarkSupreme Court of the United States · 1875
- Kohl v. LilienthalCalifornia Supreme Court · 1889
- Mechanics' & Farmers' Bank v. TownsendU.S. Circuit Court for the District of Northern New York · 1866
3Cited by4 opinions
- American Central Insurance v. WellerOregon Supreme Court · 1923
- American Life Ins. v. FergusonOregon Supreme Court · 1913
- Union Pac. Life Ins. v. FergusonOregon Supreme Court · 1913
- Kaufman v. CulbertsonOregon Supreme Court · 1927