Butler v. Walker
| Citation | 80 Ill. 345,1875 WL 8761 |
| Parties | FRANCES BUTLERv.S. P. WALKER. |
| Decision Date | 30 September 1875 |
| Court | Illinois Supreme Court |
OPINION TEXT STARTS HERE
APPEAL from the Superior Court of Cook county; the Hon. JOSEPH E. GARY, Judge, presiding.
Messrs. SHUFELDT, BALL & WESTOVEN, for the appellant.
Mr. D. E. K. STEWART, for the appellee. Mr. JUSTICE WALKER delivered the opinion of the Court:
Appellant brought an action in the court below against appellee, to recover the amount of loss she claims to have sustained from fire, under a policy of insurance. To the declaration a demurrer was filed, which was sustained by the court, and a judgment was rendered in bar of the action.
The General Assembly, by a special charter, on the 20th day of February, 1861, incorporated The Equitable Insurance Company. The charter confers the powers usual to such organizations. The 14th section of the charter contains this provision: “In case of any loss or losses whereby the capital stock of said company becomes lessened before all the installments are paid in, each proprietor or stockholder shall be held accountable for the installments that may remain unpaid on his share or shares at the time of such loss or losses taking place: Provided, that the stockholders shall not be individually liable beyond the amount of stock held by them respectively.”
The 16th section declares that the act shall take immediate effect, and continue in force for fifty years, but contains this reservation: “But may at any time be altered, amended or repealed by the legislature of the State of Illinois.”
The company organized, its capital stock being duly subscribed and a portion thereof paid by the stockholders. No change was made in the charter, unless by the general act for incorporating and regulating insurance companies, which was adopted on the 11th day of March, 1869. The 16th section of this act provides that, “the trustees and corporators of any company organized under this act shall be severally liable for all debts or responsibilities of such company to the amount by him or them subscribed, until the whole amount of the capital of such company shall have been paid in, and a certificate thereof recorded as hereinbefore provided.” In this case the whole amount of stock was not paid in and a certificate thereof recorded. The 19th section provides that, “All insurance companies neretofore organized in the State of Illinois, and now doing business in this State, are hereby brought under all the provisions of this act, except that their capital may continue of the amounts and character named in and authorized by their respective charters, during the existing term of such charters, and the investments of the capital and assets of such companies may remain the same as prescribed by their charters, anything in this act to the contrary notwithstanding; and such companies shall be entitled to all of the privileges and powers granted them by their charters.” (Sess. Laws 1869, p. 217.) These are believed to be all the enactments which bear on the questions presented by this record.
About one and a half years after the adoption of this act, the insurance company issued to appellant a policy of insurance on her property, to the amount of $2500, and whilst the policy was in force, the property was destroyed by the fire in Chicago of the 9th of October, 1871. By reason of heavy losses, the company was prosecuted to bankruptcy. Appellant gave proper notice of her loss, proved her claim, but received nothing from the bankrupt estate. Appellee was a stockholder when the policy was issued, at the time of the fire, and until the company was declared a bankrupt, and owned $2500 of the stock of the company. To render him liable as a stockholder to the extent of her loss under the policy, she brought this suit. The declaration discloses the facts we have stated, and to it a demurrer was interposed and sustained by the court, and a judgment in bar of the action, and for costs, was rendered. The case is brought to this court, and the judgment sustaining the demurrer is assigned for error.
It is agreed that but two questions arise on this record: 1st. Had the General Assembly the power, under the reservation in the charter, to alter, amend or repeal their charter, or power to impose duties and liabilities not imposed, but from which they were exempted by the charter? 2d. And if there was such power, did the General Assembly exercise it in enacting the General Insurance Law? Had the General Assembly the power to impose this liability upon the stockholders? We think they...
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