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Maurer v. International Re-Insurance Corp.

Supreme Court of Delaware

January 30, 1952

Maurer
v.
International Re-Insurance Corp.

Page 361

[Copyrighted Material Omitted]

Page 362

[32 Del.Ch. 449] William Prickett, of Wilmington, for petitioners and appellants.

Arthur G. Logan, of Wilmington, for Receivers of International Re-Insurance Corp., appellees.

On Petition for Intervention

Petitions of United States Guarantee Company, United States Casualty Company, Seaboard Surety Company, New Jersey Manufacturers Casualty Insurance Company, Hartford Accident and Indemnity Company, General Accident Fire and Life Assurance Corporation, Limited, and Columbia Casualty Company, claimants in the cause below, to intervene in the cause on appeal.

SOUTHERLAND, C. J., and WOLCOTT and TUNNELL, JJ., sitting.

PER CURIAM.

Certain insurance companies, claimants in the receivership proceedings below, have filed petitions in this Court for leave to intervene in this cause, which is an appeal by certain other insurance companies from a decree of the court below which adjudged them not to be entitled to share in a certain trust deposit formerly made with the Insurance Commissioner of this state. The applicants stand in like position.

Appellees object on the grounds (1) that intervention may not be permitted on appeal, and (2) that the applications come too late.

The second objection is well taken. The order appealed from was entered July 25, 1950, and the appeal filed on July 31, 1950. The applications to intervene were filed on January 14, 1952, on the day of the argument on appeal. No satisfactory reason for the long delay is assigned, nor do we see any useful purpose to be served by the intervention sought. We find it unnecessary to consider the first ground.

The applications are denied.

On the Merits

SOUTHERLAND, C. J., and WOLCOTT and TUNNELL, JJ., sitting.

SOUTHERLAND, Chief Justice.

[32 Del.Ch. 450] This is an appeal from an order of the Court of Chancery of New Castle County entered July 25, 1950, in the matter of the receivership of International Re-Insurance Corporation, a Delaware corporation (hereinafter called 'International'). The order (among other things) disallowed the claim of certain insurance companies to share as preferred creditors in the proceeds of a deposit made by International with the Insurance Commissioner of this state in trust for the benefit of its policy-holders.

The question presented is whether appellant insurance companies, as holders of obligations of International evidenced by contracts of reinsurance indemnifying those companies in respect of liability under policies or contracts issued by them to primary assureds, are beneficiaries of that trust, or ...


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