Wall v. . the Home Insurance Co.
New York Court of Appeals
A condition in a policy that if the note given for the premium is not paid at maturity, the policy shall be void, is a valid and binding one, and the note being dishonored, the policy thereby becomes void.
1Opinion of the Court
The defense in this case arises upon the following clause of the policy: "In case the note or obligation given for the premium herefor be not paid at maturity, the full amount of premium shall be considered as earned, and this policy becomes void while said note or obligation remains overdue and unpaid." The premium to be paid by the assured was not required to be paid in cash. Instead thereof, it was agreed that the assured should give his note therefor, payable at the expiration of four months. This was a waiver of prepayment which the parties had a perfect right to make. They added,…
2Cited by18 opinions
- Williams v. Albany City InsuranceMichigan Supreme Court · 1870
- Phenix Insurance v. TomlinsonIndiana Supreme Court · 1890
- Muhleman v. National Insurance Co.West Virginia Supreme Court · 1873
- Michigan Mutual Life Insurance v. CusterIndiana Supreme Court · 1891
- Phenix Ins. v. BachelderNebraska Supreme Court · 1891
13 more not listed; retrieve them via the Exa API.