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96 Mass. 344

Commonwealth v. Eagle Fire Insurance

Massachusetts Supreme Judicial Court

Decided January 15, 1867

Massachusetts Supreme Judicial Court · decided 1867-01-15

Petition by the insurance commissioners of the Commonwealth, alleging that they were of opinion that the condition of the Eagle Fire Insurance Company was such as to render its further proceedings hazardous to the public and to those holding its policies, and praying for an injunction to restrain the company from proceeding further with its business.

Decided 1867-01-15

Chapman, J.

¶11. The president of the company did not render all the services for which his salary was to be paid, the exercise of his office having been suspended by legal authority. The salary was therefore properly apportioned by the master.

¶22. Interest is properly chargeable on the balance, because the money was illegally appropriated, and both receivers were responsible. ■ One of them made the appropriation, and the other negligently permitted it.

¶33. They are jointly liable, because both are responsible for the improper appropriation of the funds.

¶4Report of master confirmed; interest to be charged on the balance due from the receivers from the time of rendering theii account; the receivers to be charged jointly.

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