Attorney General v. Life & Fire Insurance
New York Court of Chancery
This case came before the court upon the exceptions of some of the bond holders of the Life and Fire Insurance Company, to the report of referees. The corporation became insolvent, and upon the application of the attorney general, M. Hoffman and J. L. Lawrence were appointed receivers of its property and effects, under the provisions of the article of the revised statutes relative to proceedings against corporations in equity.
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This case came before the court upon the exceptions of some of the bond holders of the Life and Fire Insurance Company, to the report of referees. The corporation became insolvent, and upon the application of the attorney general, M. Hoffman and J. L. Lawrence were appointed receivers of its property and effects, under the provisions of the article of the revised statutes relative to proceedings against corporations in equity. The Mercantile Insurance Company, Josiah Barker, and many other persons who had presented claims to the receivers against the company, arising out of what were usually…
1Opinion of the Court
The Chancellor.
The Tradesmen’s Bank filed no ex-ceptioñs to the report of the referees, and it is therefore not necessary that I should examine the particular circumstances of the transaction by which that institution became the holders of some of the bonds of the Life and Fire Insurance Company, a few days before it stopped payment. I am satisfied however that the referees came to the correct conclusion that the bonds were not discounted by the bank for the benefit of the company, and that the money never was applied to its use ; but was appropriated, by Davis, to the fraudulent purchase of…
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- Moss v. . AverellNew York Court of Appeals · 1853
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