Bangs v. Gray
New York Court of Appeals
The Genesee Mutual Insurance Company was incorporated by the legislature of the State of New-York in 1836, for the purpose of insuring the respective real and personal property of its members against loss or damage by fire. Its charter is found in the Laws of 1836, p. 318, and thereby the powers granted to the Jefferson County Mutual Insurance Company (Laws of 1836, p. 42), are conferred upon it.
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The Genesee Mutual Insurance Company was incorporated by the legislature of the State of New-York in 1836, for the purpose of insuring the respective real and personal property of its members against loss or damage by fire. Its charter is found in the Laws of 1836, p. 318, and thereby the powers granted to the Jefferson County Mutual Insurance Company (Laws of 1836, p. 42), are conferred upon it. The company was empowered to do business upon the principle of mutual insurance; and it carried on this business at Le Roy, in the county of Genesee, from about the time of its incorporation until…
1Opinion of the CourtDenio, J.
The question presented is whether persons insured, and who have given deposit notes and have thus become members of the corporation, are liable to be assessed "for losses to an amount exceeding the proportion which their premium notes bear to all the premium notes subject to assessment for such losses, where it has happened that the makers of some of the notes are irresponsible. Assessments upon some of the deposit notes held by the company, including those given by the respondents, were made by the directors before the company failed. The respondents and some of the others paid these…
2Cited by6 opinions
- Wall v. TrumbullMichigan Supreme Court · 1867
- Olmstead v. ThompsonSupreme Court of Alabama · 1890
- State ex rel. Lemon v. RuckerMissouri Court of Appeals · 1885
- Bullymore v. CooperNew York Supreme Court · 1869
- Deutsch v. ReillyNew York Court of Common Pleas · 1878
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