Northwestern Mutual Life Insurance v. Coshocton Glass Co.
Coshocton Circuit Court
In February, 1904, the Coshocton Glass Company was a corporation under the laws of Ohio, engaged in manufacturing glass bottles and wares, with its office at Coshocton, Ohio. Its capital stock was $60,000, of which $35,000 was common stock and $25,-000 was preferred. The common stock was owned by said Thomas J. Gainor, then living, and one E. K. Sober and E. G. Van Horn, they having a controlling interest in the corporation.
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In February, 1904, the Coshocton Glass Company was a corporation under the laws of Ohio, engaged in manufacturing glass bottles and wares, with its office at Coshocton, Ohio. Its capital stock was $60,000, of which $35,000 was common stock and $25,-000 was preferred. The common stock was owned by said Thomas J. Gainor, then living, and one E. K. Sober and E. G. Van Horn, they having a controlling interest in the corporation. The preferred stock was sold to citizens of Coshocton county to obtain working capital. During the summer and fall of 1904, in addition to selling the preferred stock to…
1Opinion of the Court
There is practically no conflict in the testimony as to the facts in this ease, and the main contention of the plaintiffs in error is that the plaintiff below, the glass company, had no insurable interest in the life of Mr. Gainor at the time the policy was issued, and therefore the contract of insurance was a wagering one and was void in its inception; or if the company had an insurable interest in Mr. Gainor’s life when the policy was issued, the interest lapsed and was lost when he, Gainor, ceased to belong to the company or to be an employe thereof.
These contentions raise the important…
2Cases cited11 opinions
- Warnock v. DavisSupreme Court of the United States · 1882
- Connecticut Mutual Life Insurance v. SchaeferSupreme Court of the United States · 1877
- Olmsted v. . KeyesNew York Court of Appeals · 1881
- State v. WillettIndiana Supreme Court · 1908
- Langford v. FreemanIndiana Supreme Court · 1877
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