Taylor v. Standard Life & Accident Ins. Co.
| Decision Date | 18 March 1896 |
| Citation | 66 N.W. 647,47 Neb. 673 |
| Parties | TAYLOR v. STANDARD LIFE & ACCIDENT INS. CO. |
| Court | Nebraska Supreme Court |
A contract between an insurance company and its agent provided that the latter should make monthly reports of business transacted, and, on demand, pay over to his principal all moneys due him. The agent's compensation was fixed at 25 per cent. of the business done, and he gave a bond to secure the performance of his contract. After the execution of the bond, and without the knowledge of the surety thereon, the agent's compensation was changed to 28 1/3 per cent., and he was given permission to employ solicitors of insurance, paying them out of his commission. In a suit against the surety on the bond, to recover money which it was alleged the agent had not accounted for, held: (1) That the compensation of the agent was not an essential ingredient of the contract of the surety, and increasing his compensation did not amount to a re-employment of the agent at a different compensation from that fixed in the contract; (2) that there had been no material alteration in the terms of the contract to secure the performance of which the bond was given, and that the surety thereon was not released.
Error to district court, Douglas county; Davis, Judge.
Action by M. C. Nichols, for whom was substituted the Standard Life & Accident Insurance Company, against W. B. Taylor. There was a judgment for plaintiff, and defendant brings error. Affirmed.Frank T. Ransom, for plaintiff in error.
Geo. W. Ambrose and Frank H. Gaines, for defendant in error.
On the 23d day of September, 1890, one M. C. Nichols was a general or district agent of the Standard Life & Accident Insurance Company of Detroit, Mich., hereinafter called the “Insurance Company.” On that date he appointed one R. C. McClure his agent for the purpose of canvassing for applications for insurance in the insurance company, issuing policies and tickets therefor, and attending to such other duties as might properly appertain to the agency in and for the city of Denver, Colo. By the terms of McClure's contract of employment, which was in writing, he agreed to keep regular and accurate statements of all the transactions and business done by him as Nichols' agent, and, on or before the 10th of each month, transmit to Nichols a report in detail of the business transacted up to and including the last day of the previous month. These reports were to show the balance for which McClure was accountable by reason of his agency. The contract of employment provided further that McClure should hold in trust for Nichols all moneys and securities collected and received by him as agent, and faithfully pay over and account for the same to Nichols or to the insurance company, or its representative, in case of Nichols' resignation, removal, or death. On the 24th day of September, 1890, McClure, as principal, and W. B. Taylor, as surety, executed a bond to Nichols, conditioned for the faithful performance by McClure of his agreements in his said contract of employment as Nichols' agent. Nichols brought this action to the district court of Douglas county, against Taylor, the surety on the bond, to recover a sum of money which he alleged McClure had collected as agent, and failed to account for and pay over. By agreement of counsel the insurance company was substituted in the district court as plaintiff for Nichols. It had a verdict and judgment, and Taylor prosecutes to this court a petition in error.
1. The first assignment of error argued in the brief here relates to the ruling of the...
To continue reading
Request your trial
-
In re State Treasurer's Settlement
...sum deposited therein, in strict conformity to the requirements of the depository law, and the accretions thereof. See Taylor v. Insurance Co., 47 Neb. 673, 66 N. W. 647. We now pass to a consideration of the remaining question,--whether it was the duty of Bartley to have drawn from the sta......
-
In re State Treasurer's Settlement
... ... 129] thereof ... (See Taylor v. Standard Life & Accident Ins. Co. , 47 ... Neb. 673, 66 ... ...
-
Taylor v. Standard Life & Accident Insurance Co.
... ... would not prove or tend to prove a material alteration of the ... contract to secure the performance of which the bond in suit ... was given. [47 Neb. 678] (Domestic Sewing Machine Co. v ... Webster, 47 Iowa 357; Amicable Mutual Life Ins. Co ... v. Sedgwick, 110 Mass. 163.) The letter also authorized ... McClure to secure or appoint solicitors of insurance if he ... should think best, on the basis that his, McClure's, ... commission was to be twenty-eight and one-third per cent on ... new business, the persons so appointed as ... ...