Reports of Cases Heard and Determined in the Appellate Division of the Supreme Court of the State of New York (Volume 106) (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905. Excerpt: ... CORPORATION--Continued. Paoe. 10. No properly right exists in a penally. The amendment of 1901 is not void because it interferes with an existing property right, for the reason that the amendatory act does not affect the right of action, but simply the remedy, and allows a reasonable time, to wit, six months, for the enforcement of the remedy, and for the additional reason that the judgment creditor's right of action was one to recover a penalty, in which no property right exists until it has been reduced to a judgment, and which the Legislature may regulate or entirely abrogate at any time prior to its recovery. Id. 11. Contract of a corporation--presumption wliere it is signed by its president and the secretary and its corporate seal is affixed thereto. In an action brought against a fire insurance corporation upon a contract relating to such corporation's business and purporting to be executed by it, the fact that the contract bears the seal of the corporation and is signed by the president and secretary thereof, raises a presumption that the seal was attached by proper authority and that the president and secretary did not exceed their powers in signing the contract. Quackenboss v. Globe & Kltgers F. Ixs. Co 466 12 The presumption may be rebutted under a denial that the contract was executal. Such presumption is not, however, conclusive, and for the purpose of rebutting it the corporation is entitled to show that under its charter and by-laws the president and secretary had no power to make the contract in question, that the person with whom such contract was made knew of such lack of power, and that the corporation never ratified the contract nor authorized the affixing of its seal. Such rebutting proof is admissible under a denial in the insurance c...