Alexander Levy & Co. v. Mutual Benefit Life & Fire Insurance

Citations

• 8 La. Ann. 380

Syllabus

<p>The Company was organized on the mutual principle, its sole capital consisting in the premiums paid by those who insured with the Company; and the notes for premiums constituted a reserved fund for the payment of losses, which the Directors, under their charter, had no authority to divert from the payment of the losses to which they were specially affected.</p>