Devendorf v. Beardsley
New York Supreme Court
APPEAL from an order made at a special term, overruling a demurrer to the defendant’s answers. The plaintiff in his complaint alleged that “ The American Mutual Insurance Company ” was duly formed, incorporated and organized, under the general law of 1849, in June, 1850, and authorized to make insurances, as allowed by section 1, sub. 2, of said act.
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APPEAL from an order made at a special term, overruling a demurrer to the defendant’s answers. The plaintiff in his complaint alleged that “ The American Mutual Insurance Company ” was duly formed, incorporated and organized, under the general law of 1849, in June, 1850, and authorized to make insurances, as allowed by section 1, sub. 2, of said act. That policies of insurance were issued by said corporation, and that it continued to carry on the business of insurance, at Amsterdam, until November, 1857. That said corporation being then insolvent, a decree of the supreme court was made, on…
1Opinion of the Court
By the Court, James, J.
The plaintiff, as receiver of “ The American Mutual Insurance Company,” takes its notes and assets subject to all the conditions and legal disabilities with which they were tramelled in the hands of the corporation itself; he cannot impeach or disaffirm its authorized acts, nor the authorized acts of its agents. (Hyde v. Lynde, 4 Com. 387.) If a note in the hands of the corporation was void, or incapable of enforcement, by reason of fraud or illegality in its procurement or inception, passing it into the hands of a receiver does not purge it of those defects. In such…
2Cases cited3 opinions
- Masson v. BovetCourt for the Trial of Impeachments and Correction of Errors · 1845
- Sandford v. HandyNew York Supreme Court · 1840
- Van Buren v. Chenango County Mutual InsuranceNew York Supreme Court · 1852
3Cited by16 opinions
- Ellis v. Boston, Hartford & Erie RailroadMassachusetts Supreme Judicial Court · 1871
- Malleable Iron Works v. Phœnix InsuranceSupreme Court of Connecticut · 1857
- Embree v. ShidelerIndiana Supreme Court · 1871
- Ryan v. BrantIllinois Supreme Court · 1866
- American Insurance v. SchmidtSupreme Court of Iowa · 1865
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