Commonwealth v. Monitor Mutual Fire Insurance
Massachusetts Supreme Judicial Court
Petition to affirm an assessment made by the directors of the Monitor Mutual Fire Insurance Company, an insolvent mutual fire insurance company, which upon the petition of the Insurance Commissioner had been enjoined from the further prosecution of the business of insurance. The case is stated in the opinion.
1Opinion of the CourtWells, J.
The single question, presented in this case for our decision, is whether, in making an assessment to pay the just claims against a mutual insurance company, under Gen. Sts. c. 58, §§ 48, 54, the deposit notes should first be exhausted, before resorting to the further liability imposed by law upon the policy holders, as members of the corporation.
In the case of Appleton Insurance Co. v. Jesser, 5 Allen, 446, it was held that such notes must first be exhausted. In Long Pond Insurance Co. v. Houghton, 6 Gray, 77, an order for collection of the deposit notes in full, and a further uniform…
2Cited by1 opinion
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