Hope Mutual Life Insurance v. Perkins
The Superior Court of New York City
- This was an action brought by the plaintiffs, an incorporated insurance company, against the defendant, upon his promissory note for $2500, payable to the plaintiffs, or their order, in twelve months after date, or sooner if required, or such assessments on the same as the trustees of such company should require to pay losses, according to the terms of his subscription to the guaranty fund, to be presently described.
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- This was an action brought by the plaintiffs, an incorporated insurance company, against the defendant, upon his promissory note for $2500, payable to the plaintiffs, or their order, in twelve months after date, or sooner if required, or such assessments on the same as the trustees of such company should require to pay losses, according to the terms of his subscription to the guaranty fund, to be presently described. The plaintiffs were incorporated by the general assembly of the state of Connecticut, with the powers of such companies, at the May session, 1846, located at Stamford, and…
1Opinion of the Court
By the Court,
G-arvih, J.
The defendant seeks to reverse the judgment in this case, for several reasons ; among others, that the note was void, because not authorized by the charter. The 8th section of the charter certainly authorizes the giving of notes for the better security of its dealers, and points out to whom such notes may be given, in addition to the object and design, by those intending to receive its policies, of which this defendant was one. The company was certainly duly organized, and thus became capable of acting as a party to such an arrangement. If, then, the company were a…
2Cases cited4 opinions
- Lawrence v. . FoxNew York Court of Appeals · 1859
- White v. . HaightNew York Court of Appeals · 1857
- Deraismes v. . the Merchants' Mutual Ins. Co.New York Court of Appeals · 1848
- Brown v. . CrookeNew York Court of Appeals · 1850