Little v. Obrien
Massachusetts Supreme Judicial Court
Assumpsit by the plaintiff, as endorsee of a promissory note for 500.dollars, dated December 1, 1808, subscribed by the defendant, payable in sixty-five days to Joseph Obrien or order, and by him endorsed to the plaintiff.
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Assumpsit by the plaintiff, as endorsee of a promissory note for 500.dollars, dated December 1, 1808, subscribed by the defendant, payable in sixty-five days to Joseph Obrien or order, and by him endorsed to the plaintiff. The action came before the Court on a case stated by the parties to the following effect, April term, 1810 : — The Union Fire and Marine Insurance Company oj Newburyport was incorporated by an act passed February 27, 1807, (1) by the ninth section of which it is enacted “ that the said company shall not, directly or indirectly, deal or trade in buying or selling any goods,…
1Opinion of the Court
By the Court.
The principal objection urged against the plain tiff’s recovery, in this case, arose out of the provisions of the act incorporating the Union Marine and Fire Insurance Company, by which it was required that their capital stock should, within six months after payment, be invested in the funded debt of the United States, or of this commonwealth, or in the stock of some incorporated banking company. From the facts in the case agreed, it appears that, instead of such investment, the company received of the several stockholders their respective promissory notes, with collateral…
2Cited by27 opinions
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