Regener v. Phillips
New York Supreme Court
Action by plaintiff as receiver of the Equitable Mutual Eire Insurance Corporation of New York, to recover an assessment levied by the plaintiff as such receiver upon a capital stock note of $400, made by the defendant on the organization of the corporation.
1Opinion of the CourtMcAdam, J.
Plaintiff, as the receiver appointed by the court in the sequestration proceedings against the Equitable Mutual *312Life Insurance Corporation of Hew York, succeeded, to the rights of the directors, including their power to levy assessments upon the capital stock notes of the corporation. Shaughnessy v. Rensselaer Ins. Co., 21 Barb. 605; Williams v. Babcock, 25 id. 109; Sands v. Hill, 42 id. 651; Laws 1852, chap. 71, § 2. The authority does not depend upon the order of the court, but upon the existence of facts which rendered an assessment necessary and proper. Thomas v. Whallon, 31 Barb, at p.…
2Cases cited9 opinions
- Mygatt v. . New York Protection Insurance CompanyNew York Court of Appeals · 1860
- Sands v. . KimbarkNew York Court of Appeals · 1863
- Bangs v. McIntoshNew York Supreme Court · 1857
- In re Minneapolis Mut. Fire Ins.Supreme Court of Minnesota · 1892
- Shaughnessy v. Rensselaer InsuranceNew York Supreme Court · 1855
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3Cited by1 opinion
- In re the Liquidation of Workmen's & Suffolk Mutual InsuranceNew York Supreme Court · 1972