In re World's Safe Insurance
New York Supreme Court
THIS was an appeal from an order made at a special term, refusing to dissolve this company and distribute its effects. There had been an investigation on behalf of the state, into the affairs of the company, under section 24 of the act of June 25, 1853, to provide for the incorporation of fire insurance companies.
Read the full summary
THIS was an appeal from an order made at a special term, refusing to dissolve this company and distribute its effects. There had been an investigation on behalf of the state, into the affairs of the company, under section 24 of the act of June 25, 1853, to provide for the incorporation of fire insurance companies. (Laws of 1853, p. 917.) The superintendent who made the investigation was of opinion that the assets of the company were insufficient to justify its continuance in business. That fact being communicated to the attorney general, that officer procured an order from this court for the…
1Opinion of the CourtPeckham, J.
It will be observed that the certificate given oy the persons appointed by the comptroller wholly fails to comply with the statute. It does not state the amount of money paid in, or that the bonds and mortgages were such as were required by the eighth section of the insurance act, of 1853. The certificate might be true, and yet the requirement of that section of the statute be in no manner complied with. The eighth section of the act required that the bonds and mortgages should be secured upon unincumbered real *501estate within the state of New York, worth fifty per cent more than the sum…
2Cited by1 opinion
- People v. Atlantic Mutual Life InsuranceNew York Court of Appeals · 1878