Kahn v. Fulton
Wisconsin Supreme Court
Appeal from an order of the oirouit court for Milwaukee county: D. H. Johnson, Circuit Judge. The Wisconsin Odd Fellows’ Mutual Life Insurance Company is a corporation organized under tbe laws of Wisconsin, and, as such, was authorized to issue certificates of insurance upon the lives of its members, under certain conditions and limitations contained in its charter and by-laws. The charter provided for two funds, known as the “policy fund ” and the “reserve fund.”
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Appeal from an order of the oirouit court for Milwaukee county: D. H. Johnson, Circuit Judge. The Wisconsin Odd Fellows’ Mutual Life Insurance Company is a corporation organized under tbe laws of Wisconsin, and, as such, was authorized to issue certificates of insurance upon the lives of its members, under certain conditions and limitations contained in its charter and by-laws. The charter provided for two funds, known as the “policy fund ” and the “reserve fund.” The policy fund was inade up of money received from assessments of members, sales of property of the company, and such sums of…
1Opinion of the CourtBaedbeN, J.
A corporation may make an assignment for the benefit of its creditors to the same extent and in the same manner as a natural person, unless restricted by its charter or some statutory provision. Garden City B. & T. Co. v. Geilfuss, 86 Wis. 612; Burrill, Assignments, § 45.
While there is some difference of opinion in the courts, the better rule, and the one sustained by the great weight of authority, is that an assignment of aE the corporate property does not affect the corporate franchises, and does not dissolve the corporation. Burrill, Assignments, § 45.
By the deed of assignment of the…
2Cases cited8 opinions
- People v. Commercial Alliance Life InsuranceNew York Court of Appeals · 1897
- Burdon v. Massachusetts Safety Fund Ass'nMassachusetts Supreme Judicial Court · 1888
- Fogg v. Supreme Lodge of the United Order of the Golden LionMassachusetts Supreme Judicial Court · 1893
- People Ex Rel. Attorney-General v. Life & Reserve Association of BuffaloNew York Court of Appeals · 1896
- Garden City Banking & Trust Co v. GeilfussWisconsin Supreme Court · 1893
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