People ex rel. Barton v. Rensselaer Insurance
New York Supreme Court
THIS action was brought for the purpose of vacating the charter of the Rensselaer Insurance Company, and to prohibit the company from further acting as a corporation, and to restrain the receiver from further action in the collection of. the notes held by him, belonging to the company. The action was tried at the Rensselaer circuit.
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THIS action was brought for the purpose of vacating the charter of the Rensselaer Insurance Company, and to prohibit the company from further acting as a corporation, and to restrain the receiver from further action in the collection of. the notes held by him, belonging to the company. The action was tried at the Rensselaer circuit. The following facts were found by the justice before whom it was tried: That the Rensselaer County Mutual Insurance Company was incorporated by an act of the legislature, passed April 29, 1836, for the purpose of making insurance upon buildings and other property…
1Opinion of the CourtHogeboom, J.
To entitle a mutual insurance company to commence business as an incorporation, under the act of 1849, (Laws of 1849, chap. 308,) agreements for insurance must be entered into, the premiums on which shall amount' to $100,000, and notes received therefor in advance payable at the end of or within twelve months from the date thereof. (Sec. 5.) These notes constitute the capital stock, or part of it, and by the same section are to be deemed valid, negotiable and collectible for the purpose of paying any losses which may accrue or 'otherwise.
By section 14 of the same act, existing mutual…
2Cases cited7 opinions
- People ex rel. Bishop v. Kingston & Middletown Turnpike Road Co.New York Supreme Court · 1840
- Mygatt v. . New York Protection Insurance CompanyNew York Court of Appeals · 1860
- White v. . HaightNew York Court of Appeals · 1857
- Sands v. St. JohnNew York Supreme Court · 1862
- Birdseye v. SmithNew York Supreme Court · 1860
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3Cited by4 opinions
- Chase v. . LordNew York Court of Appeals · 1879
- People v. ChambersCalifornia Supreme Court · 1871
- Kemble v. KembleNew Jersey Court of Chancery · 1888
- Thompson v. WardNew York Supreme Court · 1900