Hurlbut v. Carter
New York Supreme Court
THE Bochester Insurance Company, on the 6th of March, 1854, in pursuance of a resolution of the board of directors, made a general assignment for the benefit of its creditors, to the plaintiff. The capital of said company consisted wholly of premium notes.
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THE Bochester Insurance Company, on the 6th of March, 1854, in pursuance of a resolution of the board of directors, made a general assignment for the benefit of its creditors, to the plaintiff. The capital of said company consisted wholly of premium notes. On the 1st of May thereafter, the plaintiff, as assignee, made an assessment upon the premium notes thus assigned, of between forty and fifty thousand dollars, to cover losses by persons insured in the company, which he had ascertained and determined to allow, and also the expenses attending the settlement and collection of the amounts…
1Opinion of the Court
By the Court, Johnson, J.
It is settled, upon authority, that a corporation, like the insurance company in question, may make a valid general assignment for the benefit of creditors. (Haxtun v. Bishop, 3 Wend. 13. De Ruyter v. The Trustees of St. Peter’s Church, 3 Barb. Ch. 119. Hill v. Reed, 16 Barb. 280. 1 Am. Lead. Cas. 89, note.) Our statute prohibits the giving of preferences in such assignments.
' The assignment being valid, it follows that the assignee can maintain actions against all the debtors of the corporation. The question whether any right of action had accrued against the…
2Cases cited3 opinions
- Haxton v. BishopNew York Supreme Court · 1829
- De Ruyter v. Trustees of St. Peter's ChurchNew York Court of Chancery · 1848
- Hill v. ReedNew York Supreme Court · 1853
3Cited by6 opinions
- Kinyon v. PalmerSupreme Court of Iowa · 1865
- McClurg v. State Bindery Co.South Dakota Supreme Court · 1892
- Cooper v. ShaverNew York Supreme Court · 1862
- Troy Waste Manufacturing Co. v. Saxony Woolen MillsNew York Supreme Court · 1893
- Williams v. LakeyNew York Supreme Court · 1857
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