Alexander v. Horner
United States Circuit Court
In equity. L. E. Alexander, as receiver of the Columbia Life Insurance Company, and the company, are named as plaintiffs [and Homer and Homer and A. M. Britton as defendants] in the bill, which alleges that the company is a Missouri corporation; that on the eighteenth of October, 187J, it was, by decree of the circuit court of St. Louis county, adjudged to be insolvent and enjoined from doing further business, and the plaintiff, Alexander, appointed receiver of its property…
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In equity. L. E. Alexander, as receiver of the Columbia Life Insurance Company, and the company, are named as plaintiffs [and Homer and Homer and A. M. Britton as defendants] in the bill, which alleges that the company is a Missouri corporation; that on the eighteenth of October, 187J, it was, by decree of the circuit court of St. Louis county, adjudged to be insolvent and enjoined from doing further business, and the plaintiff, Alexander, appointed receiver of its property and assets, with authority to sue for their recovery, etc.; that pursuant to the terms of the decree, the company…
1Opinion of the Court
CALDWELL, District Judge.
The board of directors of the insurance company had an undoubted right to sell the defendants’ notes and other securities to Davis, and authorize its secretary to indorse them as was done. Banks, insurance companies, and other like corporations, have the power to take and hold negotiable notes and other securities in the general conduct of their business, and this includes the power to negotiate them. Hardy v. Merriwether, 14 Ind. 203; McIntire v. Preston, 5 Gil. [10 Ill.] 48; Nicholas v. Oliver, 36 N. H. 218; Spear v. Ladd, 11 Mass. 94; Northampton Bank v. Pepoon,…
2Cases cited3 opinions
- Kendig v. DeanSupreme Court of the United States · 1878
- Hardy v. MerriweatherIndiana Supreme Court · 1860
- Spear v. LaddMassachusetts Supreme Judicial Court · 1814
3Cited by8 opinions
- Sioux City Terminal Railroad & Warehouse Co. v. Trust Co. of North AmericaCourt of Appeals for the Eighth Circuit · 1897
- Donovan v. CampionCourt of Appeals for the Eighth Circuit · 1898
- Chadbourne v. CoeCourt of Appeals for the Eighth Circuit · 1892
- First National Bank v. North Missouri Coal & Mining Co.Supreme Court of Missouri · 1885
- Lawrence v. Times Printing Co.U.S. Circuit Court for the District of Washington · 1898
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