188 Ga. 753 | Ga. | 1939
It affirmatively appears that Lloyds America has no assets in this State except the securities on deposit with the State treasurer, under the Code, § 56-301, as amended by the acts of 1935 (Ga. L. 1935, p. 149) and 1937 (Ga. L. 1937, p. 705). Moyd has no judgment against the insurance association. Long’s claim is in judgment, but its basis is a claim for legal services rendered by him to the association. Moyd’s claim is for one thousand dollars, besides interest from February 14, 1939; Long’s claim is for $1250, with interest from March 16, 1939, plus court costs. The face value of the bonds on deposit is $10,000. It is not claimed by Moyd or by Long that the bonds are more than sufficient to pay the losses which were insured against by Lloyds America. Neither the petition of Moyd nor that of Long made a case which authorized the appointment of a receiver for the securities on deposit with the State treasurer. Under the express language of the statute, the bonds are to secure “any loss insured against.” Globe & Rutgers Fire Insurance Co. v. Salvation Army, 177 Ga. 890, 892 (172 S. E. 33). The bill of exceptions contains the recital of an agreement between counsel that Long’s petition was based on a judgment in favor of T. J. Long against Lloyds America, for legal services rendered by the plaintiff to the defendant in said case. Long is not entitled to have his judgment satisfied out of the proceeds of the bonds, in the absence of a showing that the total amount of the losses “insured against” is less than the value of the deposit. Whether, even with such a showing, he is entitled to the relief sought is a question not before us. We do not overlook the contention o.f counsel that by the final provision in the act of 1937, supra, it was specifically provided that
Moyd had no judgment at all. He is praying for one in. his petition. It is true that he has suffered a “loss insured against;” but it is argued that his claim is equivalent to a judgment, first, because the amount is liquidated by a judgment against the insured; second, because the insurer stands in the position of a vouchee; and third, because the insurer would be estopped to de