Bigelow v. Libby
Massachusetts Supreme Judicial Court
Contract by the receivers of the Union Mutual Fire Insurance Company to recover the amount due on the following deposit note signed by the defendant, and an assessment thereon: “ Boston, September 12, 1866. In consideration of policy No. 18,539, of even date herewith issued by the Union Mutual Fire Insurance Company, I promise to pay to said company, or the treasurer thereof, the sum of seventy-four and dollars, or any part thereof, when required, with interest from the…
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Contract by the receivers of the Union Mutual Fire Insurance Company to recover the amount due on the following deposit note signed by the defendant, and an assessment thereon: “ Boston, September 12, 1866. In consideration of policy No. 18,539, of even date herewith issued by the Union Mutual Fire Insurance Company, I promise to pay to said company, or the treasurer thereof, the sum of seventy-four and dollars, or any part thereof, when required, with interest from the first instant, till paid in full, this note being part of the absolute funds of said company.” Writ dated November 6, 1878.…
1Opinion of the CourtGray, C. J.
The note in suit is not of the nature of a common promissory note payable on demand, upon which the bringing of an action would be a sufficient demand, and the cause of action would accrue as soon as the note was made. It is a deposit note, by which the maker, in consideration of a policy of insurance issued to him, promises to pay to the insurance company or its treasurer the whole or any part of the note when required; the defendant was not bound to pay any part of the note untu the company required him and other makers of similar notes to do so i and the statute of limitations did not…
2Cited by4 opinions
- Glenn v. SempleSupreme Court of Alabama · 1885
- Wardle v. HudsonMichigan Supreme Court · 1893
- Smith v. BellSupreme Court of Pennsylvania · 1884
- Raegener v. MedicusNew York Supreme Court · 1900