Shakman v. United States Credit System Co.
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Milwaukee county: D. H. Johnson, Circuit Judge. This is an action upon a written contract issued by defendant to plaintiff, and called a “ Certificate of Guarantee.” The plaintiff is a manufacturer of clothing, doing business in Milwaukee, and was such in 1889. The defendant was at that time a corporation, incorporated under the laws of the state of Mew Jersey.
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Appeal from a judgment of the circuit court for Milwaukee county: D. H. Johnson, Circuit Judge. This is an action upon a written contract issued by defendant to plaintiff, and called a “ Certificate of Guarantee.” The plaintiff is a manufacturer of clothing, doing business in Milwaukee, and was such in 1889. The defendant was at that time a corporation, incorporated under the laws of the state of Mew Jersey. It appeared that, about the 23d day of October, 1889, the defendant’s agent at Chicago, one Langsdorf, called on the plaintiff, and the plaintiff then made a written application to the…
1Opinion of the Court
• Winslow, J.
We regard the contract before us as unquestionably a contract of insurance. An insurance contract is a contract whereby one party agrees to wholly or partially indemnify another for loss or damage which he may .suffer from a specified peril. The peril of loss by the insolvency of customers is just as definite and real a peril to a merchant or manufacturer as the peril of loss by accident, .fire, lightning, or tornado, and is, in fact, much more frequent. No reason is perceived why a contract of indemnification against this ever-present peril is not just as legitimately a contract…
2Cases cited2 opinions
- Mitchell v. OvermanSupreme Court of the United States · 1881
- Renier v. Dwelling House InsuranceWisconsin Supreme Court · 1889
3Cited by33 opinions
- Bowers v. Lawyers Mortgage Co.Supreme Court of the United States · 1932
- Getchell & Martin Lumber & Manufacturing Co. v. Peterson & SampsonSupreme Court of Iowa · 1904
- Defense Supplies Corp. v. Lawrence Warehouse Co.Supreme Court of the United States · 1949
- People ex rel. Kasson v. RoseIllinois Supreme Court · 1898
- Van Buren County v. American Surety Co.Supreme Court of Iowa · 1908
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