35 How. Pr. 126 | New York Court of Common Pleas | 1868
1. The objections to the petition, and all other technical objections, are sufficiently answered by reference to Judge Beady’s opinion in the matter of Kelly’s Application (10 Abb. Pr., 209). The proceedings have been conducted in strict conformity to the views there expressed.
2. There is nothing in the point that the receiver is authorized, by the act of 1867 (Laws of 1867, 752, § 11), to proceed by suit. That provision is specially applicable to individuals as well as corporations, and is plainly cumulative. ■
3. It is too late for the defendant^ to object to the legality of the tax; nor can that question be considered here. The remedy was by certiorari to review the assessment
4. The bonds and mortgages on deposit with the superintendent of the insurance .department are assets of the company. They are choses in action, upon which levy cannot be made according to law, and are applicable to the payment of the tax.
5. The company is still transacting business in this city, and the bonds and mortgages, so on deposit, are a substitute for the capital of our own corporations. They constitute the security which the laws compel the defendants to afford to their creditors here. The fact that no policies are issued, does not involve a cessation, or liquidation of the business. The business of accepting yearly premiums upon outstanding policies, and of paying the losses which may accrue thereon, still continues. The utmost that can be claimed is that the business has been contracted and that its area has been further limited by the company, so that it is in a fair way, in case such policy be adhered to, of gradual extinction.
The only difficulty, in my mind, is in reference to the enforcement of the tax by the present proceedings. But a careful examination of the various statutes referred to, has convinced me that the order for payment should be granted, without considering, upon this application, the question as to whether it will be practically effectual.
An order must therefore be made, requiring the payment of the tax.