Fell v. Securities Co. of North America
Court of Chancery of Delaware
Exceptions to Claims. The Securities Company of North America was incoprorated in August, 1904, under the laws of Delaware for the purpose of engaging in the business of making contracts with individuals, which were evidenced by bonds or certificates of three classes.
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Exceptions to Claims. The Securities Company of North America was incoprorated in August, 1904, under the laws of Delaware for the purpose of engaging in the business of making contracts with individuals, which were evidenced by bonds or certificates of three classes. The holders of the bonds or certificates agreed to make periodical payments to the company, in consideration of which the company agreed to pay a défmite sum of money, together with a share of all accumulations of profit, at maturity of the contract. In September, 1915, the company was voluntarily dissolved in the manner…
1Opinion of the Court
The Chancellor.
The question raised for consideration by the exceptions taken by the receiver to the claims of the holders of contracts made by the company are not affected by the claims of general creditors, for they have been paid, or can be paid from moneys of the company constituting its capital, and not obtained from holders of these contracts. So also the expenses of the liquidation of the company through the receiver *103upon the dissolution of the company may, it seems, be met from the same source, and it will probably not be necessary to consider whether any part of the reserve fund…
2Cases cited5 opinions
- People v. Security Life Insurance & Annuity Co.New York Court of Appeals · 1879
- duPont v. Standard Arms Co.Court of Chancery of Delaware · 1912
- Bank Commissioners v. Security Trust Co.Supreme Court of New Hampshire · 1908
- Fell v. Securities Co. of North AmericaCourt of Chancery of Delaware · 1915
- Thayer v. National Real Estate Trust Co.Court of Chancery of Delaware · 1914
3Cited by4 opinions
- Pusey & Jones Co. v. HanssenSupreme Court of the United States · 1923
- Pusey & Jones Co. v. HanssenCourt of Appeals for the Third Circuit · 1922
- Carpenter v. Griffith Mortgage Corp.Court of Chancery of Delaware · 1934
- Bloch v. Bell Furniture Co.New Jersey Court of Chancery · 1931