Mutual Betrayal: NJ Life Insurance Scandal Unfolds

January 31, 1877, marked a dark day for the New Jersey Mutual Life Insurance Company as the Attorney General of New Jersey, Van Aitass, made a shocking application to Chancellor Runyon at Trenton. Van Aitass sought the appointment of a receiver to take control of the ailing company and a restraining order to prevent the transfer of its assets. The Chancellor obliged, ordering the company to produce evidence why a receiver should not be appointed and temporarily halting the transfer of assets until a decision was made.