2 Years Transportation Progress Volume 72

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 edition. Excerpt: ... but even then, when the corporation is insolvent, it may ascertain and determine the amount of each defendant's liability without an accounting. Section 1792. Judgment is therefore directed in favor of the plaintiff and against the defendants who are stockholders for the amount of the plaintiff's judgment and interest, with costs; but the judgment shall state the respective amounts of the liability of each such defendant, being the amount of stock held by him, with the costs against all, and execution shall provide for the cessation of its enforcement against each defendant on the payment by him of the amount of stock so held, or, in case his stock is greater in amount than the judgment and costs, upon the payment of such judgment and costs. Judgment accordingly. i35 Misc. Rep. T55.) PEOPLE v. MERCANTILE CREDIT GUARANTY CO. OF NEW YORK. In re CHASE et aL In re SMITH. DANIEL FORBES CO. v. BOWERS. WINSTED HOSIERY CO. v. SAME. (Supreme Court, Special Term, New York County. September, 1901.) L Credit Insurance Policy--Insolvency--Readjustment. Where, during the life of a credit insurance policy, the insurance corporation becomes insolvent, and the policy provides that the loss of the Insured shall be adjusted only so far as It exceeds a stated percentage of his gross sales, the minimum for which Is fixed at an arbitrary sum. It becomes the minimum of the amount of gross sales at the time of the Insolvency of the insurer; and the insured. In proceedings to dissolve the corporation, may be allowed on such a basis a dividend in such proportion as the terms of the policy bore to the time which had elapsed after its issue, and before the insolvency of the insurer. 8. Same. A credit Insurance policy provided thnt it should be enforceable by the...