Thomas v. Achilles
New York Supreme Court
Case agreed upon by the parties, pursuant to the code, § 372. It was stated that the Orleans Insurance Company was a body corporate, created under the general act to provide for the incorporation of insurance companies, passed April 10,1849. Copies of the charter and by-laws were annexed to the case. It was further alleged that the company was duly organized and qualified to transact business. That it divided all its risks into two classes, first and second.
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Case agreed upon by the parties, pursuant to the code, § 372. It was stated that the Orleans Insurance Company was a body corporate, created under the general act to provide for the incorporation of insurance companies, passed April 10,1849. Copies of the charter and by-laws were annexed to the case. It was further alleged that the company was duly organized and qualified to transact business. That it divided all its risks into two classes, first and second. The defendant made application for, and obtained, a policy of insurance, and gave his note fpr $350, dated January 25, 1851, by which he…
1Opinion of the Court
By the Court, Marvin, J.
It is provided in the articles of association or charter of the company, that “ the corporation may divide applications for insurance into two or more classes, according to the degree of hazard, and the premium notes shall not in such case be assessed for the payment of any losses, except in the class to which they belong.” It is declared by the by-laws that the company will divide the risks taken into two classes. It is not denied by the defendant’s counsel, that the provision in the “charter7’ is sufficiently comprehensive to authorize the company to adopt the course…
2Cited by4 opinions
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