Bockover v. Life Ass'n of America

Citations

• 77 Va. 85
• 1883 Va. LEXIS 39

Syllabus

<p>Foreign Insurance Companies-at bar.-B. was a policy-holder in company chartered in State of Missouri. In 1879, company was regularly adjudged to be insolvent, by court of Missouri. Under the decree and a statute of Missouri, passed that year, all its assets were vested in R., for benefit of its creditors. In 1880, in chancery court of Richmond B. attached debts due company by citizens of Virginia. Company answered, admitting claim of B., but denying that the debts were liable to the attachments; and R. become a party, claimed to be entitled to all the company’s assets, including those debts. On motion to abate the attachments:</p> <p>Held:</p> <p>x. Statute providing mode for winding up insolvent corporations and distributing its assets. equitably among those thereto entitled, impairs no contract, and is valid. Such is the Missouri statute of 1879.</p> <p>2. If a state allows a foreign corporation to do business within her limits, the corporation comes, as it is created, and brings its charter as the law of its existence.</p> <p>3. Every one dealing with it everywhere must notice the provisions of its charter for managing and controlling its affairs, both in life and, after dissolution</p> <p>4. Under the decree and statute, the company’s assets were validly vested in R., as trustee of an express trust, and the debts due company in Virginia could not be attached by a policy-holder in Virginia.</p>