Hill v. Reed
New York Supreme Court
Demurrer. The complaint stated that the defendant and other persons, in all to the number of thirteen, in December, 1849, associated together to form an incorporated company by the name of “ The Merchants’ Mutual Insurance Company of Buffalo,” in pursuance of the provisions of the act entitled " an act for the incorporation of insurance companies,” passed April 10, 1849. That the business of the company was to be marine, fire and inland navigation insurance, and was to be…
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Demurrer. The complaint stated that the defendant and other persons, in all to the number of thirteen, in December, 1849, associated together to form an incorporated company by the name of “ The Merchants’ Mutual Insurance Company of Buffalo,” in pursuance of the provisions of the act entitled " an act for the incorporation of insurance companies,” passed April 10, 1849. That the business of the company was to be marine, fire and inland navigation insurance, and was to be conducted on the plan of mutual insurance ; that the associates did, in all things, duly pursue and perform all the…
1Opinion of the CourtHarris, J.
In framing a general law for the organization of insurance companies, it was an object of the first importance to provide security for the payment of liabilities. To effect this object, the 5th section of the act requires a capital to be raised *285before the company is authorized to commence business. This capital, in the case of mutual insurance companies, is to consist of notes m'ade by applicants for insurance. The company, having complied with the requirements of the 3d section of the act, is authorized to receive propositions and enter into agreements for insurance. A necessary element in…
2Cases cited2 opinions
- Haxton v. BishopNew York Supreme Court · 1829
- Dutchess Cotton Manufactory v. DavisNew York Supreme Court · 1817
3Cited by6 opinions
- Lionberger v. Broadway Savings BankMissouri Court of Appeals · 1881
- Schwartz v. Bann-Cor MortgageMissouri Court of Appeals · 2006
- Hyatt v. McMahonNew York Supreme Court · 1857
- Hurlbut v. CarterNew York Supreme Court · 1855
- Raegener v. McDougallAppellate Division of the Supreme Court of the State of New York · 1898
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