Hope Mutual Life Insurance v. Taylor
The Superior Court of New York City
This case came before the court on exceptions, ordered to be heard in the first instance at the general term. The action was to recover the amount of a promissory noté, of which the following is a copy : “ Dollars, 1000. New York, 1st May, 1847. Twelve months after date, or sooner if required, I promise to pay to the Hope Mutual Life Insurance Company, of Stamford, Connecticut, or order, one thousand dollars, or such assessment on the same' as the trustees find it necessary…
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This case came before the court on exceptions, ordered to be heard in the first instance at the general term. The action was to recover the amount of a promissory noté, of which the following is a copy : “ Dollars, 1000. New York, 1st May, 1847. Twelve months after date, or sooner if required, I promise to pay to the Hope Mutual Life Insurance Company, of Stamford, Connecticut, or order, one thousand dollars, or such assessment on the same' as the trustees find it necessary to impose for the purpose of paying losses, agreeably to the terms of my subscription to" the guaranty fund of said…
1Opinion of the Court
By the Court,
Monell, J.
This action, although brought in the name of The Hope Mutual Life Insurance Company, is , in reality for the benefit of the creditors of that insolvent corporation. A court in Connecticut, of competent jurisdiction, has declared its insolvency, and passed all its assets into the hands of a receiver.
Upon an-examination of the statute under which the company was incorporated, I am inclined to the opinion that the note in suit is not strictly within the authority, given by tho 8th section of the act, to receive notes or other securities for premiums in advance ; and if the…
2Cases cited3 opinions
- Bissell v. Michigan Southern & Northern Indiana Railroad CompaniesNew York Court of Appeals · 1860
- White v. . HaightNew York Court of Appeals · 1857
- Duncan v. StantonNew York Supreme Court · 1859
3Cited by5 opinions
- Stark v. BarrettCalifornia Supreme Court · 1860
- Boggess v. MeredithWest Virginia Supreme Court · 1879
- Buck Ridge Coal Mining Co. v. Rosoff Engineering Co.Appellate Division of the Supreme Court of the State of New York · 1926
- Solesberry v. Virginian Railway Co.West Virginia Supreme Court · 1914
- East New York & Jamaica Railroad v. LighthallThe Superior Court of New York City · 1868