Farmers & Merchants' Insurance v. Smith

This was a suit brought by the receiver of an insolvent insurance company against Smith, upon a note for $16.80, payable in annual instalments of $4.20, bearing date July 2, 1868. The note was given for a policy, running five years from its date. The premium for the first year was paid in advance, and the note in question was for the premiums of the four succeeding years, payable in instalments at the beginning of each year. The premium at the beginning of the second year was paid, but before that year expired the company became insolvent and suspended business. There was a provision in the…