Book may have numerous typos, missing text, images, or index.
Purchasers can download a free scanned copy of the original book
(without typos) from the publisher. 1896. Not illustrated. Excerpt:
... Md.] Syllabus. THE AMERICAN CASUALTY INSURANCE COMPANY'S CASE.
Insolvency of Accident Insurance Company--Distribution of Assets--
Losses by Policy Holders Before and After Insolvency-- Value of
Policies--Special Trust Fund for Policy Holders--Creation of
Trust-- Taxation of Shares of Stock--Liability of Assets of
Corporation for Taxes--Wages of Clerks and Employees--Insurance
Adjusters--Unearned Premiums--Time of Filing Claims--Interest
Thereon--Insuring Carrier Against Liability for Injury to
Passenger--Public Policy--Option to Renew Insurance. The American
Casualty Company, an accident insurance and security company,
deposited with the Treasurer of Maryland a sum of money to be held
"as a guarantee for the payment of the policies of insurance issued
by the company." There was no statute requiring such companies to
make deposits with the State Treasurer. Subsequently the company
became insolvent and receivers were appointed to whom the said sum
was paid under an order of Court. Held, ist. That it was immaterial
whether the Treasurer held said fund in his individual or official
capacity; that the same was a special trust fund to be applied
solely to the payment of the claims of policy holders and was
impress ed with that trust in the hands of the receivers. 2nd. That
the provisions of Code, Art. 16, sec. 205, requiring trustees for
the benefit of creditors to give bond, do not apply to a trust of
this character. 3rd. That the policy holders after having exhausted
this special fund are entitled to participate with other creditors
in the distribution of the general funds of the company. 4th. That
this special trust fund is not chargeable with any part of the
costs or commissions incurred in administering the general fund. In
order to create a trust no technical terms ...
General Books LLC
|Country of origin:
Maryland Court of Appeals
||246 x 189 x 13mm (L x W x T)
||Paperback - Trade
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