Savage v. Medbury
New York Court of Appeals
Appeal from the Supreme Court. The complaint averred that the Empire State Mutual Insurance Company was organized January 1st, 1850, under the general act of 1849 {ch. 808). On the 16th May, 1853, the defendant took out a fire policy for $800, paid a cash premium, and executed his deposit or premium note for $80, payable “ in such portions and at such time or times as the directors may, agreeably to their charter and by-laws, require.”
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Appeal from the Supreme Court. The complaint averred that the Empire State Mutual Insurance Company was organized January 1st, 1850, under the general act of 1849 {ch. 808). On the 16th May, 1853, the defendant took out a fire policy for $800, paid a cash premium, and executed his deposit or premium note for $80, payable “ in such portions and at such time or times as the directors may, agreeably to their charter and by-laws, require.” The charter provided that the capital stock of the company should be at least $100,000, “consisting of premium notes and premiums received, and such capital aS…
1Opinion of the Court 1
Johnson, Ch. J.
The only question in this case is, whether the plaintiff, the receiver of the Empire State Mutual Insurance Company, can maintain an action upon the defendant’s note without any precedent assessment. The company was organized under the act of 1849, providing for the incorporation of insurance companies (ch. 308, Laws 1849). Its business, according to the terms of its charter, was to be conducted on the plan of mutual insurance. The note in question was not one of those given at the formation of the company, under section 5 of the act. On that class of notes, it has been decided…
Also in this document: Opinion of the Court · Allen.
2Cases cited3 opinions
- White v. . HaightNew York Court of Appeals · 1857
- Shaughnessy v. Rensselaer InsuranceNew York Supreme Court · 1855
- Williams v. LakeyNew York Supreme Court · 1857
3Cited by1 opinion
- People v. C. Klinck Packing Co.New York Court of Appeals · 1915