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Author: Association of Life Insurance Presidents (New York, N.Y.)
Publisher:
ISBN:
Category : Contracts
Languages : en
Pages : 32
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Author: Association of Life Insurance Presidents (New York, N.Y.)
Publisher:
ISBN:
Category : Contracts
Languages : en
Pages : 32
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Book Description
Author: Association of Life Insuranc Presidents
Publisher: Forgotten Books
ISBN: 9781396844430
Category :
Languages : en
Pages : 36
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Book Description
Excerpt from Board Contracts, Stock Selling and Promotion Schemes: A Synopsis of the Laws and Rulings of Departments Relating Thereto February 1, 1909, at the rate of $20 per share, is within the prohi bition of the last clause of section 1 of the act, is too clear to permit denial. That this promise by the company was the main induce ment for the making of the contract of insurance by Ambrose is established by the evidence. The option was a valuable considera tion moving from the company to Ambrose. By its delivery the company bound itself to sell to Ambrose, at any time prior to Feb ruary 1, 1909, four shares of its capital stock at the rate of $20 per share, and by the same act conferred upon him the right to demand the transfer of such stock to him at any time within the specified period upon tender Of the specified price. The obligation assumed by the company was in legal contemplation a disadvantage to it, and the right acquired by Ambrose was in, legal contemplation a benefit to him, for the reason that, though the market value of the stock should at some time during the fifteen months' period exceed $20 per share, yet Ambrose would, by virtue of the option, have the right at such time to purchase four shares at the rate of $20 per share. Any act which is a benefit to one party or a disadvantage to the other is a valuable consideration. Buchanan v. International Bank, 78 Ill., 500; Burch v. Hubbard, 48 Ill., 164. The disadvantage to the company by the assumption of this obligation, and the corre sponding privilege or benefit conferred upon Ambrose, constitute the valuable consideration. It is, therefore, wholly immaterial that the option had no market value, or that the market value of the shares Of stock did not, during the time the option was in force, exceed $20 per share, or that during such period Ambrose could have purchased stock of the company in the open market at a less sum per share, and evidence offered by the appellant to prove such immaterial facts was properly excluded. >xAbout the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author:
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ISBN:
Category : Economics
Languages : en
Pages : 362
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Author:
Publisher:
ISBN:
Category : Insurance
Languages : en
Pages : 628
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Author: Public Affairs Information Service
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Category : Economics
Languages : en
Pages : 356
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Author: Irving Fisher
Publisher:
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Category :
Languages : en
Pages : 374
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Author:
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ISBN:
Category : Fire insurance
Languages : en
Pages : 1082
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Author: Life Insurance Association of America
Publisher:
ISBN:
Category : Insurance, Life
Languages : en
Pages : 622
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Author:
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Category : Policy sciences
Languages : en
Pages : 360
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Author: Alasco Delancey Brigham
Publisher:
ISBN:
Category : Insurance
Languages : en
Pages : 504
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