Shaughnessy v. Rensselaer Insurance
New York Supreme Court
THE defendant is a corporation organized under an act of the legislature, passed April 29, 1836, and reorganized under the provisions of the general act for the incorporation of insurance companies, passed April 10, 1849. The plaintiff having recovered a judgment against the corporation in this court, and an execution upon such judgment having been returned unsatisfied, this suit was brought, in pursuance of the provisions of the revised statutes relating to “ proceedings…
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THE defendant is a corporation organized under an act of the legislature, passed April 29, 1836, and reorganized under the provisions of the general act for the incorporation of insurance companies, passed April 10, 1849. The plaintiff having recovered a judgment against the corporation in this court, and an execution upon such judgment having been returned unsatisfied, this suit was brought, in pursuance of the provisions of the revised statutes relating to “ proceedings against corpora-, tions in equity,” for the purpose of sequestrating the stock, property, &c. of the corporation; and…
1Opinion of the CourtHarris, J.
The first question which presents itself upon the consideration of this application is, whether any assessment at all is required. This company was brought under the provisions of the act of 1849, providing for the incorporation of insurance companies, by an amendment of its charter, in the manner prescribed by the 14th section of the act. The 11th section of the charter, as thus amended, provides that whenever the directors should deem it necessary to make an assessment, for the payment of losses or damages sustained by any member or members, they should settle and determine the sums to be…
2Cases cited3 opinions
- Herkimer County Mutual Insurance v. FullerNew York Supreme Court · 1852
- Van Buren v. Chenango County Mutual InsuranceNew York Supreme Court · 1852
- In re BangsNew York Supreme Court · 1853
3Cited by8 opinions
- Savage v. . MedburyNew York Court of Appeals · 1859
- Embree v. ShidelerIndiana Supreme Court · 1871
- American Insurance v. SchmidtSupreme Court of Iowa · 1865
- Ring v. WoolleyAppellate Division of the Supreme Court of the State of New York · 1913
- Regener v. PhillipsNew York Supreme Court · 1899
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