St. Paul Trust Co. v. Wampach Manufacturing Co.
| Citation | 52 N.W. 274,50 Minn. 93 |
| Parties | St. Paul Trust Co. v. Wampach Manufacturing Co |
| Decision Date | 24 May 1892 |
| Court | Supreme Court of Minnesota (US) |
May 13 1892, Submitted on Briefs
Appeal by defendant, the Wampach Manufacturing Company, from a judgment of the District Court of Scott county, Cadwell, J entered June 27, 1891.
The defendant was a corporation organized under Laws 1873, ch 11, and was engaged in the manufacture of wagons and other vehicles at Shakopee, Minn. On June 23, 1887, it insured its property to the extent of $ 2,500 for five years, against loss by fire, in the North Star Mutual Insurance Company. In consideration of the insurance, it gave the Insurance Company its note for $ 468.75, payable in installments, and at such times, as the directors of the Insurance Company might order and assess, for its losses and expenses pursuant to its charter and by-laws. The note was made nontransferable. Defendant soon after paid twenty per cent. of the note.
On September 8, 1887, the Insurance Company, by reason of losses, was insolvent, and voluntarily petitioned the District Court, for the appointment of a receiver of its property. On September 10, 1887, the plaintiff, the St. Paul Trust Company, was appointed such receiver, and accepted the trust and took possession of its notes and assets. On August 19, 1889, the District Court made an order, whereby the receiver was directed to assess and collect fifty per cent of the unpaid balance of its notes. It made the assessment, gave notice thereof, and demanded payment; but the assessment remained unpaid over forty days. The receiver then brought this action, to recover the whole amount unpaid upon the note. The action was tried by consent before the court without a jury. Findings were filed and judgment entered for the plaintiff for $ 420.20, and defendant appealed.
Judgment affirmed.
Southworth & Coller, for appellant.
Harvey Officer, for respondent.
The only question in this case is, can a manufacturing corporation organized under the laws of this state take insurance on its property in a corporation organized under Laws 1881, ch. 91, being "An act authorizing the formation of millers' and manufacturers' mutual insurance companies," so that its premium note given on such insurance may be enforced?
The only provision of statute claimed to be a prohibition of such insurance is the clause in 1878 G. S. ch. 34, § 122 that "it shall not...
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