Huntley v. Beecher
New York Supreme Court
CASE agreed upon, without action, pursuant to section 372 of the code. The Cattaraugus County Mutual Insurance Company was incorporated in March, 1837. By the terms of the act it was to take effect immediately, and to continue in force for the term of twenty years.
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CASE agreed upon, without action, pursuant to section 372 of the code. The Cattaraugus County Mutual Insurance Company was incorporated in March, 1837. By the terms of the act it was to take effect immediately, and to continue in force for the term of twenty years. In June, 1837, a set of by-laws was adopted, in which was contained a provision, that “Whenever any one, hereafter insured,- shall alienate conditionally by mortgage, his policy shall be void, unless he shall make a representation thereof, in writing, to the directors, stating the amount and to whom mortgaged, who shall have the…
1Opinion of the Court
By the Court, Marvin, J.
It is provided in the charter that “ when any property insured with this corporation shall be alienated by sale or otherwise, the policy shall thereupon be void, and be surrendered to the directors of the said company to be canceled, and upon such surrender, the assured shall be entitled to receive his deposit note, upon the payment of his proportion of all losses and expenses that have accrued prior to such surrender.” In Smith v. The Saratoga Mutual Fire Insurance Company, (3 Hill, 508,) by the terms of the policy it was to become void if it was assigned without the…
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