American Insurance v. Schmidt
Supreme Court of Iowa
Appeal from Buchanan District Court.- . Defendant appeals from a judgment rendered against him upon the following “facts found” by the judge below: Defendant made his note to plaintiff, by which he agreed to pay, for value received, in a certain policy of insurance, the sum claimed in the petition,. “ in such portions, and at such, time or times as the'directors of said company, may,. agreeably-to their charter and by-laios, require.”
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Appeal from Buchanan District Court.- . Defendant appeals from a judgment rendered against him upon the following “facts found” by the judge below: Defendant made his note to plaintiff, by which he agreed to pay, for value received, in a certain policy of insurance, the sum claimed in the petition,. “ in such portions, and at such, time or times as the'directors of said company, may,. agreeably-to their charter and by-laios, require.” By the charter, the' capital stock consisted of the premi um notes and cash premiums taken from time to time for policies of insurance, and this capital was…
1Opinion of the CourtWright, J.
i. parties: notice. Defendant, by the terms of the charter,, was a member of the corporation, and yet, in this proceed-^not must be regarded as- an. adversary party. Thus regarded, he was certainly not conclusively bound by the action of the directors. Nor .was he required to take notice of. their proceedings in relation, to his note. Defendant, then, being an adversary party, plaintiff must, show that payment of the note was legally and properly required, or .that the right to demand payment arose-under the circumstances and upon the conditions contained in the contract, the charter being…
2Cases cited4 opinions
- Savage v. . MedburyNew York Court of Appeals · 1859
- Devendorf v. BeardsleyNew York Supreme Court · 1857
- Thomas v. WhallonNew York Supreme Court · 1857
- Shaughnessy v. Rensselaer InsuranceNew York Supreme Court · 1855
3Cited by7 opinions
- Lycoming Fire Insurance ex rel. Beeber v. LangleyCourt of Appeals of Maryland · 1884
- Embree v. ShidelerIndiana Supreme Court · 1871
- Pacific Mutual Insurance v. GuseSupreme Court of Missouri · 1872
- Chandler v. KeithSupreme Court of Iowa · 1875
- Mutual Fire Insurance v. JeanCourt of Appeals of Maryland · 1903
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