Stone v. Old Colony Street Railway Co.
Massachusetts Supreme Judicial Court
Contract by the receiver of the property of the Electric Mutual Casualty Association, an insolvent Pennsylvania corporation, to recover the amount of assessments levied by a decree of the Court of Common Pleas of Dauphin County, in the State of Pennsylvania, upon certain Massachusetts street railway companies as holders of policies in the insolvent corporation insuring against liability for accidents, the defendant being the successor by consolidation of the corporations…
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Contract by the receiver of the property of the Electric Mutual Casualty Association, an insolvent Pennsylvania corporation, to recover the amount of assessments levied by a decree of the Court of Common Pleas of Dauphin County, in the State of Pennsylvania, upon certain Massachusetts street railway companies as holders of policies in the insolvent corporation insuring against liability for accidents, the defendant being the successor by consolidation of the corporations upon which the assessments in question were levied. The amount claimed was $12,463.24 with interest from August 10, 1903.…
1Opinion of the CourtBraley, J.
The defendant by purchase and consolidation has succeeded to the rights and liabilities of a number of street railway companies which held assessable policies of indemnity or accident insurance in the Electric Mutual Casualty Association, a corporation chartered by the Commonwealth of Pennsylvania. By the terms of the contract, whenever the fixed premiums were insufficient to pay matured claims, the directors were empowered to charge a proportional additional sum, not exceeding five per centum *462on the gross traffic receipts of the assured, to cover the deficiency. The association having become…
2Cases cited41 opinions
- Allgeyer v. LouisianaSupreme Court of the United States · 1897
- Pritchard v. NortonSupreme Court of the United States · 1882
- Scudder v. Union National BankSupreme Court of the United States · 1875
- Converse v. HamiltonSupreme Court of the United States · 1912
- Bourne v. WhitmanMassachusetts Supreme Judicial Court · 1911
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3Cited by31 opinions
- Gould's CaseMassachusetts Supreme Judicial Court · 1913
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- Cass v. LordMassachusetts Supreme Judicial Court · 1920
- Perry v. PyeMassachusetts Supreme Judicial Court · 1913
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