Ward v. Sea Insurance
New York Court of Chancery
This was a petition of some of the stockholders of the Sea Insurance Company for the appointment of a receiver of the property and effects of the company, with the usual powers of a receiver to close up the affairs of the company, in conformity to the provisions of the article of the revised statutes relative to proceedings against corporations in equity ; and for an injunction to restrain the officers and directors of the company from collecting, receiving, disposing of, or…
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This was a petition of some of the stockholders of the Sea Insurance Company for the appointment of a receiver of the property and effects of the company, with the usual powers of a receiver to close up the affairs of the company, in conformity to the provisions of the article of the revised statutes relative to proceedings against corporations in equity ; and for an injunction to restrain the officers and directors of the company from collecting, receiving, disposing of, or in any way interfering with the property or effects of such company. The petition stated, among other things, that the…
1Opinion of the Court
The Chancellor.
The resolution of January, 1837, followed as it has been by a general suspension of the business of insurance, and of loaning money upon the marine risks of bottomry and respondentia, for more than a year previous to the presenting of the present petition, was a suspension of the ordinary business of the corporation within the meaning of the 38th section of the article of the revised statutes relative to proceedings against corporations in equity. (2 R. S. 463.) The ordinary and lawful business of the corporation, as contemplated by the revisers who framed and the legislature…
2Cited by20 opinions
- Folger v. Columbian InsuranceMassachusetts Supreme Judicial Court · 1868
- Abbot v. American Hard Rubber Co.New York Supreme Court · 1861
- People ex rel. Attorney-General v. Dashaway Ass'nCalifornia Supreme Court · 1890
- People v. Broadway RailroadNew York Court of Appeals · 1891
- Troy & Rutland Railroad v. KerrNew York Supreme Court · 1854
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