62 Vt. 166 | Vt. | 1890
The opinion of the court was delivered .by
The defendant is a corporation under the laws of New York ; doing business in this State, subject to legal process and the jurisdiction of comts here. R. L. s. 3608. The plaintiff is assignee of the Poultney Slate Works, a New York corporation, which owned real estate and was doing business here, ■until adjudged an insolvent debtor under the laws of this State. The policy of insurance in question was executed in this State, covered property here, and any loss under it, as no place of payment is specified in the contract, is payable here. The Slate Works corporation, on the 17th October, 1887, was adjudged an insolvent, upon a petition filed 13th August, 1886, and the deed ■of assignment to the plaintiff, executed by the judge of the Court •of Insolvency, related to the time of filing the petition, and vested in the assignee, as of that date, the corporate property ■situate in this State, and he had the like remedy to recover the estate, debts and effects of the insolvent, in his own name, as the •debtor would have had had no assignment been made. R. L. s. 1822. The legal title of the property came to the plaintiff, and when the property burned the avails of the property belonged to him. As against the creditors in this State, the property cannot be taken from this jurisdiction. They cannot be compelled to go abroad to collect their claims. The corporation itself, had
Upon trial the policy was put in evidence; the authority of the agent to issue it was conceded; that the property burned on the 23d April, 1887, was admitted. The defendant gave in evidence proofs of loss executed by Sargeant, the president of the’ Slate Works Company, which are in strict compliance with the terms of the policy. The proofs state that the amount of the claim was compromised and agreed upon at the sum of twelve hundred and fifty dollars, and if the compromise was valid the plaintiff was entitled to a verdict for that amount. The plaintiff-claimed that the loss was greater than that sum and offered evidence to show the alleged compromise was fraudulent and agreed upon by the defendant’s agent and Sargeant, for the purpose of enabling the defendant to escape a greater liability. If the compromise was fraudulent it did not bind the plaintiff, and the evidence offered tending to show it should have been received and the plaintiff permitted to recover the actual loss under the policy. The proofs were executed and delivered to the defend
The fact that the president of the Slate Works Company was a party to the fraud would not vary the rule in respect of the rights of the plaintiff who represents the creditors of the corporation.
It is insisted by the defendant that the offer of the testimony tending to show fraud embraced evidence that was inadmissible, and therefore the whole evidence was properly excluded. We think the offer to show the compromise fraudulent was distinct and in no way connected with the offer of any other evidence.
The court held that the plaintiff was not entitled to recover interest upon the amount due, and to this ruling the plaintiff ■excepted. The proofs were furnished on the 10th day of May, 1887, and the loss became payable on the 9th of July after-wards. One Beaman sued the Slate Works Company and summoned the defendant as trustee. The time the trustee process was served, whether before or after the maturity of the loss, does not appear. The presumption must be that it was before, other • wise the judgment of the court was erroneous, Baker v. Cent. R. R. Co., 57 Vt. 802, which cannot be presumed. The judgment of the court on the subject of interest was correct, for one summoned and chargeable as trustee for money of the principal defendant in his hands, is not liable for interest therein while the demand was locked up by the trustee process, when the demand was not on interest when attached, and the trustee has received no interest on the fund. Lyman v. Orr, 26 Vt. 119.
Judgment reversed and cause remanded.