Reports of Cases Heard And Determined in the Appellate Division ..., volume 117
Reports of Cases Heard And Determined in the Appellate Division ..., volume 117
New York (State). Supreme Court. Appellate Division, Marcus Tullius Hun, Jerome B. Fisher, Austin B. Griffin
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722.— [Rep. t See Laws of 1905, chap. 574, and Laws of 1906, chap. 826.— [Rep. Digitized by LjOOQ IC 724 Elder v. Bankebs' Life Insurance Co. First Department. February, 1907. [VoL 117. gency Fund, are insuflBcieiit to meet the mortality requirements of the company, additional premiums equitably adjusted may be levied by the Board of Managers to meet such an emergency," and when the company reincorporated as a stock company in August of 1899, it waived this " safety clause," agreed to pay the "... face value " of these policies, and sent a written waiver to that eflEect to each policyholder. The new charter of the stock company contained the following assumption of liability : " The Bankers' Life Insurance Company of the City of New York reincorporated, shall be subject to the existing liabilities of the present company, including all contracts, policies or certificates with its members, and to the same extent as though not reincorporated as a stock corporation." The plaintiff, being of full age, is the holder of defendant's two policies, No.
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