The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-08
THE GUARDIAN MUTUAL.

The suit OF William s. Carlisle and Mary A. Carlisle
against the Guardian Lie Insurance Company, Will
lam s. Opdykc Sheppard Romans, the Universal Life
Insurance Company ana Henry J. Furbcr, came up
before Judge Larrcmore, in the Court of Common
Pleas yesterday. The complaint states that the plain
tifs are husband and wife, and that William S. Car
aisle held two policies OF insurance in the company
for the benefit Of his wife, that IN September, 1871.
the plaintiff surrendered policy to tho company
and received paid up policy from the company, in
surfing William 5. Carlisle in the of $500, payable
September %, 1879, upon hts death On septem.
tember 1874 he surrendered the other policy and
ccived similar paid up policy for 1896 for the benefit
of his wife, both policies beng the mutual plan;
that their policies are being jcopardzcd: that tho
Guardian Company has parted with It's assets, amount
ing TO 81 900 900; that the company Is stock COM
pany, with capital stock oil Sl25,000, upon
which lawful dividends were to be paid; that the
assets and surplus are the property OF tho policy
holders and held in trust by The company for thor
ben n That such assets required to be
IN specified ways Tor the benefit OF all the policy
holders and this action Is brought Tor the general
benefit that the company Is nsovent and has unlaw-
fully combined with the Universal Company; that the
latter is purely stock company and It's policy holders
are not entitled to dividends profits; that Romans
and Opdyke At the time OF the transfer OF tho
assets stock holders In the Guardian; that Opdykc
also director Of that company and Homans was ac-
uary OF both tho Guardian and Universal companies.
and that Furbcr aud is director OF the Universal
company; that tho two companies on the l4th oil
March, 1874, entered into an agreement by which
tho Universal agreed TO rensurc the Guardian policy
holders to the extent OF eighty per cent upon all sucn
obligations, III consideration Of the transfer oil all
ITS assets, and that a supplemental agreement trans
crred remainder; That the Guardi9n Company has
TO do any business aud thai lis assets are
controlled and managed by the Universal, and that
tho same are Danger OF being squandcred and mis-
appropriately that fully So 900, 900 was transferred In
this way; that the transfer was fraudulent and illc-
GAL and Intended only TO benefit the individual de-
icndants named; that tho Universal Company Is IN.
solvent, and IL not sale depository OF the assets OF
the policy holders, and that the same are now beng
to the private and Individual use OF the de-
icndant Furbcr ana other officers OF tho company
that agreement Of transfer was effected by bribcs
wherefore the plaintiffs ask Tor an accounting and
that receiver of the assets OF the company be APP
pointed that tho agreement Of transfer may be de.
carcd void and that just distribution OF the assets
may be ordered.
The matter came up for argument yesterday before
Judge Larremoro IN the Court OF Common Pleas on a
demurrer 10 the compliant II was claimed by Mr..
Scwall Tor the defendants, that the plaintiff was not
sockholder Attorney General or creditor, ana there
under the statute was not entitled to maintain the
action. After lengthy argument Judge Larremore
took the papers.