Pennsylvania Insurance v. Geraldin
Supreme Court of Missouri
Error to St. Louis Court of Common Pleas. This was an action to recover the entire amount of a note made by one Newton to defendants and endorsed by them to plaintiff.
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Error to St. Louis Court of Common Pleas. This was an action to recover the entire amount of a note made by one Newton to defendants and endorsed by them to plaintiff. The note was given in consideration of and as the premium note of a policy of insurance issued and delivered by the plaintiff to the said Newton, whereby plaintiff insured Newton in the sum of four thousand dollars on his steamboat called the “ Scotland,” for twelve months from August 8, 1857. The insurance was at'' the rate of twelve per cent, on the sum insured. The policy was subject to certain conditions and stipulations,…
1Opinion of the CourtNapton, Judge
This suit grew out of a policy of insurance for one year, containing a stipulation that “ in case any note or obligation given for the premium on this risk shall not be paid at maturity, such failure of payment shall, at the option of the company, render the policy void.” Upon the failure of the defendants to pay their premium note at maturity, the policy was declared void and of no effect from that date. The question is, whether the company is entitled to the full amount of the note, or only to so much of the premium as bears the same proportion to its full amount as the diminished period of…
2Cited by4 opinions
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