Hill v. Nautilus Insurance
New York Court of Chancery
Motion for an injunction and receiver ; which was opposed upon the answer, and affidavits of the vice-president and the actuary of the company. The complainant claimed to be a creditor of the company, in respect of his note given to them for premiums in advance, for the security of dealers, under their charter; on which note, as he alleged, he was entitled to a compensation out of the profits earned in their business.
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Motion for an injunction and receiver ; which was opposed upon the answer, and affidavits of the vice-president and the actuary of the company. The complainant claimed to be a creditor of the company, in respect of his note given to them for premiums in advance, for the security of dealers, under their charter; on which note, as he alleged, he was entitled to a compensation out of the profits earned in their business. He also claimed to be a stockholder of the corporation, by means of the same premium note. In support of his application, he alleged several matters, as constituting violations…
1Opinion of the Court
The Vice-Chancellor.
The bill states numerous facts as constituting violations of the charter of this company, or of statutes binding upon it, which it is claimed, entitle the complainant to proceed in this court for the appointment of a receiver and a dissolution of the corporation. Both the facts and the law of this part of the case were very fully and ably discussed ; but it will be unnecessary for me to examine either, until I have ascertained that the complainant is in a position to require their adjudication at this time.
To sustain his application, it must appear that he is a creditor,…
2Cases cited1 opinion
- De Peyster v. American Fire InsuranceNew York Court of Chancery · 1837