Case ID: ny_220/html/0688-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

William J. Logan, Appellant, v. Fidelity-Phenix Fire Insurance Company of New York, Respondent.
    
      Logan v. Fidelity-Phenix Fire Ins. Co., 161 App. Div. 404, affirmed.
    (Argued February 8, 1917;
    decided March 27, 1917.)
    Appeal from a judgment entered March 25, 1914, upon an order of the Appellate Division of the Supreme Court in the second judicial department, reversing a judgment in favor of plaintiff entered upon a verdict and directing a dismissal of the complaint in an action of conversion. The complaint alleges that plaintiff, on October 27, 1909, loaned to the Phenix Insurance Company, predecessor of defendant, 1,400 shares of the common capital stock of the American Sugar Refining Company which defendant agreed to return on demand; that plaintiff, on December 18, 1909, demanded the return of, and that defendant refused to return the stock, and that defendant converted said stock, to plaintiff’s damage in the sum of $186,200, with interest from October 27, 1909. The defense was that the stock was loaned to defendant’s president, Gfeorge P. Sheldon, as an individual, under a corrupt agreement between plaintiff and Sheldon to use said stock to deceive the insurance department by reducing defendant’s liabilities through transferring an alleged reinsurance carried by defendant. '
    
      James M. Gifford and John D. Fearhake for appellant.
    
      Elihu Root and David Rumsey for respondent.
   Judgment affirmed, with costs; no opinion.

Concur: Hiscoge, Oh. J., Chase, Collin, Cakdozo, Pound, McLaughlin and Andrews, JJ.