Page:Federal Reporter, 1st Series, Volume 7.djvu/314

 S02. FS&EBAIf BEPOBTKB. �paid in four instalments, of $14.26 each, on the twenty-third day of May, August, November, and-February, in each year, and contained a condi- tion tnat in case'of default in the payment of either of the premiums the policy should become void, and all payments made thereon should be for- f eited, exoept as f urther provided. By the terms of the policy it was f urther stipulated, that, in case of default in any payment after two full years' payments had been made thereon, the policy might be exchanged for a paid-up endowment policy for an amount stated in a table given in the original policy, subject to the condition that the policy, duly receipted, " sball have been transmitted to and received by the company within 60 days after such default, and that no condition of the policy shall have been violated." By the table annexed it was made to appear that the complainaut, after nine years' payment of premiums, would be entitled, under the conditions before stated, to a paid-up term policy for $600. �Ail premiums were paid to the twenty-third day of May, 1877, inclusive, covering a period of nine years from the date of the policy. Payments were made to local agents of the company in Wisconsin. On the twenty- third day of August, 1877, the complainant went to the company's agent in Milwaukee, as usual, and desired to pay the premium due on that day, but was told by the agent that the business of the company was in the hands of a receiver, or would be, and that he had no authority to receive the money. The complainant testifles that he offered to pay the premium due on that day, but was adyised by the agent not to make any more pay- ments until the business of the company was settled. �It appears that on the twelfth day of July, 1877, the attorney gen- erai of the State of New York flled an information against the com- pany, in the supreme court of that- state, alleging its insolvency, and praying for an order to show cause why its business should not be closed, and for a decree dissplTing the company and appointing a receiver. On the eighteenth day of July, 1877, an order was entered by the court in those proceedings permitting any policy-holder, until further order, to pay to the United States Trust Company any premiums thereafter becom- ing due on policies issued by the iasurance company, with the same eSect as if paid to said company. Afterward, and on the twenty-third day of August, 1877, which was the day when the premium on complainant'» policy was due, the court made an order restraining the company from cxercising any of its corporate rights, privileges, and franchises, except receiving and paying moneys as thereinafter allowed, and from paying out, or in any way transferririg or delivering, to any person, any of the eiiectg, moneys, or property of the company, except salaries of employes and ofBcers then diiei aud from collecting or receiving any debts or de- mands exoept interest, agents' balances, and premiums, until the court should otherwise order. This order remained in force until October 29, 1878, with certain modifications,— such of which as are material here will \)e. presently referred to. On the Ist day of Beptember a further motion yvas made for the appointment of a receiver. Orders were duly entered postppning the hearing of this motion from Septeraber 4th to September 8th, and from the latter date to September 14, 1877, on condition that none of the policies of the company should be decreed to have lapsed nor ��� �