40-1009. Recovery of assessments or on notes; cash policies not assessable.
40-1009
40-1009. Recovery of assessments or on notes; cash policies notassessable.If any member shall for the space of thirty days after the publicationof said notice assessment, and service of such upon such member by mail,postpaid, directed to him at his post office as written in or upon hisapplication for insurance, neglect or refuse to pay the sum assessed uponhim, the directors may sue for and recover the whole amount of his depositnote or notes, with cost of suit; but execution shall only issue forassessments and cost as they accrue. If the whole amount of the depositnotes and cash in the possession of the company and belonging thereto shallbe insufficient to pay the loss or losses due the members of the company,such members shall receive as payment in full for their respective losses aproportionate share of the whole amount of said notes and cash, but nomember shall ever be liable to such company, or to any other person, formore than the whole amount of his deposit note, if written on theassessment plan. Cash policies are not assessable.
History: L. 1927, ch. 231, 40-1009; L. 1931, ch. 206, § 1; May 28.