Lexington Life, Fire & Marine Insurance v. Page & Richardson
Court of Appeals of Kentucky
Case 44. Pet. Eq. APPEAL FROM FAYETTE CIRCUIT. The appellees claim to be creditors of the Insurance Company to a large amount. They ask, by their petition, that the assignment of the effects of the company to Buckner may be set aside, as fraudulent; but if that cannot be done, that the directors who declared, and the stockholders who received dividends, which they charge to have been illegally declared, may be decreed to refund them in satisfaction of their demand.
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Case 44. Pet. Eq. APPEAL FROM FAYETTE CIRCUIT. The appellees claim to be creditors of the Insurance Company to a large amount. They ask, by their petition, that the assignment of the effects of the company to Buckner may be set aside, as fraudulent; but if that cannot be done, that the directors who declared, and the stockholders who received dividends, which they charge to have been illegally declared, may be decreed to refund them in satisfaction of their demand. The assignee, directors, and stockholders were made defendants. By an amended petition it is alledged that they had not…
1Opinion of the Court
Judge Simpson
delivered the opinion of the court:
On the first of November, 1851, the Lexington Fire, Life and Marine Insurance Company made an assignment of the whole of its effects to R. A. Buckner, in trust, to pay off the debts of the company according to the order therein specified.
In the spring of 1849, and previous to that time, the company had declared several semz-annual dividends of what was deemed by the board of directors to be its profits, some of which dividends were credited upon the notes which had been executed by the stockholders for the payment of their stock subscriptions.
Thi…
2Cases cited7 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Scott v. Eagle Fire Co.New York Court of Chancery · 1838
- Dudley v. Price's AdministratorCourt of Appeals of Kentucky · 1849
- De Peyster v. American Fire InsuranceNew York Court of Chancery · 1837
- Carlyle v. LongCourt of Appeals of Kentucky · 1824
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Ballenger v. Liberty National Life Insurance Co.Supreme Court of Alabama · 1957
- Detroit Trust Co. v. GoodrichMichigan Supreme Court · 1913
- Vansant's v. Gardner'sCourt of Appeals of Kentucky (pre-1976) · 1931
- Gover's Adm'r v. DunaganCourt of Appeals of Kentucky (pre-1976) · 1944
- National Distillers & Chemical Corp. v. StephensKentucky Supreme Court · 1995
1 more not listed; retrieve them via the Exa API.