115 N.Y.S. 1006 | N.Y. Sup. Ct. | 1909
This action was brought upon two policies of fire insurance written for $5,000 each to recover the proportionate amount of an'award of arbitrators. The award states the loss by fire to have been $60,933.0-8. The insurance written aggregated $10,000. It may conduce to brevity if we designate the bankrupt corporation of E. Reboulin Fils & Co., incorporated, as the American Company; the three plaintiffs (being said company’s representatives) as the trustees; the French firm, association or corporation of L. Reboulin Fils & Cie and its successor, L. Reboulin Fils & Cie, as the French Company; the Societe Marseillaise, as the French Bankers, and the Hartford Fire Insurance Company, as the Insurance Company. The American Company was incorporated in Hew Jersey on June 13, 1903. It carried on the business of preserving fruits at Elizabethport, N. J. On October 21, 1905, its creditors filed a petition in bankruptcy. On December 4, 1905, it was adjudicated a bankrupt and the plaintiffs were appointed its trustees. The French Company was engaged at Apt, "France, in the same kind of business as the American Company. The persons in control of both companies were substantially the same. Both the French and the American Company found it necessary to borrow funds. These were supplied by defendant Talcott to the American Company and by the French Bankers to the French Company. Both were secured by policies of fire insurance and by pledges of merchandise. One policy of insurance for $5,000 was issued by defendant Insurance Company to the American Company, Hovember 16, 1904, covering merchandise contained in buildings on a certain specified block in Elizabethport. On February 8, 1905, said property was transferred to Talcott as security, and on the same day said policy of insurance was assigned to him so
Ordered accordingly.