In re the Receivers of Globe Insurance
New York Court of Chancery
In the year one thousand eight hundred and twenty-eight, the petitioners obtained a loan from the Globe Insurance Company of four thousand five hundred dollars, for the purpose of erecting a building upon a lot of ground belonging to them and known as No. 110 Pearl Street in the city of New York; and for securing the repayment, with interest, they executed to the said company their bond and a mortgage of the premises.
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In the year one thousand eight hundred and twenty-eight, the petitioners obtained a loan from the Globe Insurance Company of four thousand five hundred dollars, for the purpose of erecting a building upon a lot of ground belonging to them and known as No. 110 Pearl Street in the city of New York; and for securing the repayment, with interest, they executed to the said company their bond and a mortgage of the premises. When the building was erected, they procured an insurance, by the said company, upon the same, to the amount of three, thousand dollars against loss or damage by fire. This…
1Opinion of the Court
The Vice-Chancellor:
As between the company and the assured, there would be a clear right of set-off at law. In a suit upon the bond by the Globe Insurance Company, the petitioners might avail themselves of the present statutory provisions on the subject of set-off; and claim that the loss which had accrued upon the policy should be deducted from the bond and the balance only considered the debt due from them.
There are here all the requisites of a set-off:—a demand arising upon contract—due to all the petitioners jointly in their own right—liquidated or capable of being ascertained by…
2Cases cited1 opinion
- Reab v. McAlisterCourt for the Trial of Impeachments and Correction of Errors · 1831
3Cited by8 opinions
- People v. Security Life Insurance & Annuity Co.New York Court of Appeals · 1879
- People v. Security Life InsuranceNew York Supreme Court · 1879
- Pardo v. OsgoodThe Superior Court of New York City · 1868
- Barbour v. BankOhio Supreme Court · 1893
- Niles v. OlszakOhio Supreme Court · 1912
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