Indemnity Insurance Co. of North America v. Smith

Defendant in error instituted this action for the recovery or cancellation of securities in the form of notes and mortgages executed and advanced by her in connection with the formation of the Progressive Insurance Company, which filed its articles of incorporation on July 9, 1929, proposing to do a general life insurance business. Compliance with the statutes governing the formation of such corporations required the incorporators to furnish bond to the insurance commissioner for a return of money paid upon stock subscriptions in the event the organization of the company was not perfected.…