Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...be, as much as plaintiff in error claims to be, "the administrator of a fund New York Life Ins. Co. 1/. Fannie Cravens collected from the policy holders in different states and countries for their benefit"---the condition which plaintiff in error claims demonstrates the necessity of a uniform law to be stipulated by the parties exempt from the interference or the prohibition of the state where the insurance company is doing business. And yet plaintiff in error seems to concede that such power of stipulation Missouri corporations do not have, while it, a foreign corporation, and because it is a foreign corporation, does have. L After stating the necessity of a uniform law and an equal necessity that parties may stipulate for it, counsel for plaintiff in error say: "It necessarily follows, therefore, that the insurance policy contracts of foreign insurance companies, as contracts of other foreign corporations, made by them with the citizens of a state, when doing business in that state through the comity of the state, are like the contracts of natural persons, subject to the limitations of their own charters, and the situs of such contracts is to be determined by the fundamental rules of 'universal law.' "As will be hereafter seen, this status as foreign corporations does not mean that they were not subject to the laws of the state enacted in the full plenitude of the police power of the state. The state doubtless could limit their contractual power by prohibiting the making of certain contracts. But unless the foreign-corporation is reincorporated as a domestic corporation, it remains a foreign-corporation, and its contracts with citizens of the state are interstate contracts, subject to the right of...