Detroit Manufacturers' Mutual Fire Insurance v. Merrill

Plaintiff is a corporation organized under Act No. 78, Laws of 1883 (3 How. Stat. chap. 134a). May 24, 1890, a policy was issued to the defendants, who gave their note for the premium, which reads as follows:

“ $324.00. Detroit, Mich., May 24, 1890.

"In consideration of policy No. 1,023, dated the 24th day of May, 1890, we promise to pay the Detroit Manufacturers’ Mutual Fire Insurance Oo. the sum of $324, by installments, at such time as the directors of said company may order and assess, for' the losses and expenses of said company, pursuant to its charter and by-laws. It is hereby expressly…