Hope Mutual Insurance v. Perkins
New York Court of Appeals
■ The Hope Mutual Insurance Company sued Dennis Perkins, in the New York superior court, to recover the amount .of a promissory note, made by the defendant, in pursuance of an agreement entered into by defendant and others with the plaintiff. The plaintiff was incorporated by a law of the State of Connecticut, in May, 1846. By the charter, subscriptions for policies to the amount of one hundrecf thousand dollars were required before organization.
Read the full summary
■ The Hope Mutual Insurance Company sued Dennis Perkins, in the New York superior court, to recover the amount .of a promissory note, made by the defendant, in pursuance of an agreement entered into by defendant and others with the plaintiff. The plaintiff was incorporated by a law of the State of Connecticut, in May, 1846. By the charter, subscriptions for policies to the amount of one hundrecf thousand dollars were required before organization. This provision was complied with, and the company organized and went into operation on March 15, 1847. The defendant was appointed one of the…
1Opinion of the CourtMiller, J.
It is at least exceedingly questionable, whether the note upon which this action is brought is strictly within the provisions of the act under which the plaintiff was incorporated. The eighth section of said act provides that “ the company, for the better security of its dealers, may receive, during the two first years after the passage of this act, notes or other securities, for premiums in advance, of persons intending to receive its policies, and may negotiate the same for the purpose only of paying claims against it in the course of its dealings, upon such terms and conditions as may be…
2Cases cited3 opinions
- Hope Mutual Life Insurance v. WeedSupreme Court of Connecticut · 1859
- Sands v. . LilienthalNew York Court of Appeals · 1871
- Havens v. Hartford & New Haven RailroadSupreme Court of Connecticut · 1859