York Co. Mut. Fire Ins. v. Bowden
Supreme Judicial Court of Maine
. On report. Assumpsit on a premium note. The ease is sufficiently stated in the opinion. The assessment was duly ordered and made. Act of Inc., § 209. Peñol. Ken. B. R. Co. v. Dunn, 39 Maine, 598. Jones v. Sis-son, 6 Gray, 288. New Png. P. Ins. Co. v. Belknap), 9 Cush. 140. Peoples Pquit. M. Pire Ins. Co. v. Ballitt, 7 Allen,-235. This hind of assessment is necessary in mutual companies. It is presumed that the directors acted in good faith.
Read the full summary
. On report. Assumpsit on a premium note. The ease is sufficiently stated in the opinion. The assessment was duly ordered and made. Act of Inc., § 209. Peñol. Ken. B. R. Co. v. Dunn, 39 Maine, 598. Jones v. Sis-son, 6 Gray, 288. New Png. P. Ins. Co. v. Belknap), 9 Cush. 140. Peoples Pquit. M. Pire Ins. Co. v. Ballitt, 7 Allen,-235. This hind of assessment is necessary in mutual companies. It is presumed that the directors acted in good faith. They have determined that the estimated ainounts were reasonable, just, necessary. Them judgment and determination are conclusive until impeached. What…
1Opinion of the CourtTapeey, J.
This is an action upon a note given for an insurance premium. The note is payable in such portions and at such times as the directors of said company may, agreeably to their act of incorporation and by-laws, require.
Upon the 10th day of April, 1861, the directors ordered an as*287sessment upon the note of $69.07, and this suit is to enforce the payment of that sum.
The defendant contends that this assessment is void by reason of the unauthorized acts of the directors apparent from their own records.
By the terms of the plaintiffs’ charter every member of said company shall be, and hereby is, bound…
2Cited by3 opinions
- Farmers' Mutual Fire Insurance Co. of Palmyra v. KnightIllinois Supreme Court · 1896
- Pencille v. State Farmers' Mutual Hail InsuranceSupreme Court of Minnesota · 1898
- Hobza v. State Farmers InsuranceNebraska Supreme Court · 1934