Osgood v. . De Groot
New York Court of Appeals
ON the 6th of March, 1864, the Columbian Insurance Company, a corporation organized under the laws of the State of New York, issued to the Defendant its policy, insuring him $43,000 on the bark Heiress, for one year from date.
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ON the 6th of March, 1864, the Columbian Insurance Company, a corporation organized under the laws of the State of New York, issued to the Defendant its policy, insuring him $43,000 on the bark Heiress, for one year from date. The policy contained the following clause: “And in case of loss, such loss shall be 'paid in sixty days after proof and adjustment thereof; the amount of the premium note, if unpaid, and all sums due to the company from the insured, when such loss becomes due, being first deducted ; and all sums coming due being first paid or secured to, the satisfaction of said…
1Opinion of the CourtHost, J.
It is substantially conceded by both parties that the set-off claimed cannot be allowed under the general provisions of law on that subject. The question is to be decided upon the provisions of law peculiar to insolvent corporations. The receivers of insolvent insurance companies are vested by statute with all the powers and authority conferred by law upon tlxe trustees of insolvent debtors (2 R. S. 469, §§ 68, 70, 72, 74). The statute regulating the duties of such trustees provides, among other things, as follows : “ Where mutual credit has been given by any debtor and any other person, or…
2Cases cited2 opinions
- Holbrook v. Receivers of the American Fire InsuranceNew York Court of Chancery · 1836
- Jones v. RobinsonNew York Supreme Court · 1857
3Cited by6 opinions
- Commonwealth v. Shoe & Leather Dealers' Fire & Marine InsuranceMassachusetts Supreme Judicial Court · 1873
- Columbian Insurance v. BeanMassachusetts Supreme Judicial Court · 1873
- People v. Security Life InsuranceNew York Supreme Court · 1879
- Schaick v. AstorAppellate Terms of the Supreme Court of New York · 1935
- Drake v. RolloIllinois Circuit Court · 1872
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