American Castype Corp. v. Niles-Bement-Pond Co.

We find that the construction of the licensing contract and the determination of the meaning of the word *560“ insolvent ” as used therein were improperly submitted to the jury as questions of fact. These questions of construction presented issues of law for determination by the court. Under our common law “ insolvent ” means inability to meet obligations as they mature in the ordinary course of business. (Brouwer v. Harbeck, 9 N. Y. 589; Denike v. N. Y. & R. Lime, etc., Co., 80 N. Y. 599; Abrams v. Manhattan Consumers Brewing Co., 142 App. Div. 392.)

It is clear that plaintiff’s predecessor, the…