Reports of Cases Argued and Determined in the Court of Appeals of Maryland (Volume 82) (Paperback)

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 ...