Treat v. Pennsylvania Mutual Life Insurance

Citations

• 203 Pa. 21
• 52 A. 60
• 1902 Pa. LEXIS 644

Syllabus

<p>Corporations — Insurance company — Receivers—Fraud, of officers.</p> <p>A receiver will be appointed over a life insurance company where it appears that it had reinsured all of its risks in another company, that thereafter its managers had distributed its assets by voting enormous salaries and back pay to themselves as its officers, and that after the reinsurance of risks, it had no office, solicited no risks, and was practically defunct. In such a case it is not necessary for a shareholder to request the managers to apply for a receiver, before filing his bill.</p>