Lowene v. American Fire Insurance
New York Court of Chancery
The bill in this cause was filed before the vice chancellor of the first circuit against The American Fire Insurance Company of the city of New-York, which was rendered insolvent by the great fire of December, 1835, and against the receivers of the company appointed under the act of the 18th of January, 1836, (3 R. S. 2d ed. 394,) to obtain a preference in payment out of the property and effects of the corporation in the hands of the receivers.
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The bill in this cause was filed before the vice chancellor of the first circuit against The American Fire Insurance Company of the city of New-York, which was rendered insolvent by the great fire of December, 1835, and against the receivers of the company appointed under the act of the 18th of January, 1836, (3 R. S. 2d ed. 394,) to obtain a preference in payment out of the property and effects of the corporation in the hands of the receivers. It appeared by the bill and answer that previous to the fire which rendered the company insolvent, the complainant had sustained a loss of his…
1Opinion of the Court
The Chancellor.
There had not been any specific appropriation of any part of the funds of the company to pay the complainant’s loss previous to the insolvency of the company or the appointment of the receivers, and the vice chancellor was therefore right in supposing that a priority of loss did not entitle the claimant to a preference in payment over other creditors. Even if the loss had been actually adjusted at the time a statement of the situation of the company was made with a view to the declaring of a dividend among the stockholders of the surplus profits, the preference claimed could…
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- People v. . American Loan Trust Co.New York Court of Appeals · 1904
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