Le Roy v. Globe Insurance
New York Court of Chancery
The facts in this case, as they appeared by the pleadings, were briefly these. The complainant and Catharine A. Newbold, since deceased, as guardians of infants, were stockholders of the Globe Insurance Company. These persons possessed one hundred and ten shares of its capital stock, the par value of each share being fifty dollars.
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The facts in this case, as they appeared by the pleadings, were briefly these. The complainant and Catharine A. Newbold, since deceased, as guardians of infants, were stockholders of the Globe Insurance Company. These persons possessed one hundred and ten shares of its capital stock, the par value of each share being fifty dollars. The said company was incorporated for insurance against loss by fire, with a capital of one million of dollars, and conducted its business in the city of New York. At a meeting of the directors of the company held on the tenth day of November, one thousand eight…
1Opinion of the Court
The Vice-Chancellor:
This case does not necessarily call for a decision of the question, whether, as between the stockholders of an insolvent insurance company and the creditors, the former are entiiled to all the surplus which' remained with the company undivided at the time of its disaster over and above the entire capital ?
Although there is here such a surplus of upwards of forty-one thousand dollars, besides the dividend, amounting to-thirty-five thousand dollars, which was declared on the tenth day of November and made payable on and after the first day of December, yet the complainants,…
2Cited by15 opinions
- In re Interborough Consol. Corp.Court of Appeals for the Second Circuit · 1923
- Van Dyck v. . McQuadeNew York Court of Appeals · 1881
- In re Interborough Consol. Corp.District Court, S.D. New York · 1920
- Ford v. Easthampton Rubber Thread Co.Massachusetts Supreme Judicial Court · 1893
- Peckham v. . Van WagenenNew York Court of Appeals · 1880
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