Sands v. Annesley
New York Supreme Court
THIS is an action by the receiver of an insolvent insurance company, against the defendant, upon a premium note for $350. It is conceded that the note was duly and properly assessed under the law, for the full amount, in June, 1860; that proper notice of assessment was duly published; and that the amount of said note became payable on the 22d day of August, 1860, by virtue of such assessment and notice.
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THIS is an action by the receiver of an insolvent insurance company, against the defendant, upon a premium note for $350. It is conceded that the note was duly and properly assessed under the law, for the full amount, in June, 1860; that proper notice of assessment was duly published; and that the amount of said note became payable on the 22d day of August, 1860, by virtue of such assessment and notice. It is also admitted that the demand of payment by the plaintiff was made upoivthe defendant personally on the 11th of September, 1867. Under these facts an answer of the statute of limitations…
1Opinion of the Court
By the Court,
Boardman, J.
A personal demand of the amount assessed must be made, before an action can be brought against the maker of such notes. (Laws of 1853, 909, § 13.) The cause of action accrues when the right to prosecute the action begins. Such is a literal reading of *599the statute. As the right of action upon these notes is regulated by statute, such statute must be complied with.
The courts, so far as any opinion has been intimated, have sustained this construction. In Sands, receiver, v. Sanders, (26 N. Y. Rep. 239,) Emott, J., page 249, says: “Ho action can be brought upon such an…
2Cases cited5 opinions
- Sands v. St. JohnNew York Supreme Court · 1862
- Bangs v. McIntoshNew York Supreme Court · 1857
- Devendorf v. BeardsleyNew York Supreme Court · 1857
- Hyatt v. Wait & SimmonsNew York Supreme Court · 1862
- Sands v. . SandersNew York Court of Appeals · 1863