Smith v. National Credit Insurance
Supreme Court of Minnesota
Appeal by each of the parties to the action from an order of the district court for Hennepin county, Belden, J., denying motions for a new trial. The creditors of the company who come within the definition of the words "policy holders” as used in G-. S. 1894, § 3332, have a vested right in the fund as a security to the exclusion of all other creditors of the company. Lancashire Ins.
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Appeal by each of the parties to the action from an order of the district court for Hennepin county, Belden, J., denying motions for a new trial. The creditors of the company who come within the definition of the words "policy holders” as used in G-. S. 1894, § 3332, have a vested right in the fund as a security to the exclusion of all other creditors of the company. Lancashire Ins. Co. v. Maxwell, 131N. Y. 286, 30 N. E. 192. The term “policy holders” in the statute means those between whom and the company the relation of insured and insurer exists; and when, that relation ceases, the right…
1Opinion of the CourtCanty, J.
The defendant National Credit Insurance Company is a corporation which was engaged in the business of insuring and indemnifying business men and mercantile concerns against “excess losses”; that is, losses beyond a certain per cent, or amount of loss incurred in their business by reason of the failure or insolvency of customers to whom they sold goods on credit. The defendant company was organized under the laws of this state in 1891, and amended its ■Articles several times during the years 1892, 1893, and 1894. On September 10, 1895, being then wholly insolvent, it made an assignment, *287under…
2Cases cited5 opinions
- Singer Manuf'g Co. v. PottsSupreme Court of Minnesota · 1894
- Taylor v. North Star Mutual InsuranceSupreme Court of Minnesota · 1891
- In re Minneapolis Mut. Fire Ins.Supreme Court of Minnesota · 1892
- Palmer v. DeganSupreme Court of Minnesota · 1894
- Seibert v. Minneapolis & St. Louis Ry. Co.Supreme Court of Minnesota · 1894
3Cited by9 opinions
- Parsons, Rich & Co. v. LaneSupreme Court of Minnesota · 1906
- Downey v. HumphreysCalifornia Court of Appeal · 1951
- Smith v. National Credit InsuranceSupreme Court of Minnesota · 1898
- Smith v. National Credit InsuranceSupreme Court of Minnesota · 1899
- State ex rel. Schaefer v. Minnesota Title Insurance & Trust Co.Supreme Court of Minnesota · 1908
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