Wisconsin Mutual Insurance v. Manson

The surplus notes which are the bases of the respective claims of appellant and respondent were executed pursuant to the authority of sec. 201.17 (2), Stats. 1955. That subsection of the statute makes the acceptance of the terms imposed therein a condition for the issuance of surplus notes. Whether the notes issued pursuant to statute are presently payable depends upon the meeting of the conditions set forth in the statute. Sec. 201.17 (2) provides:

“Any mutual insurance company may borrow money from any officer, member or other person, for the purposes of its business or to enable it to…