The New York herald., 1878-02-10
THE ASBURY LIFE.

REPORT OF THE REFLREE-PRosPECr OF
SIXTY PER CENT DIVIDEND TO THE POLICY
HOLDERS
The report OF Mr. Theodore +. Miller, referee, ap-
pointed by the supreme Curt in January. 1877, TO
take and state account OF all claims due upon pol
ices and TO creditors of the Asbury Lfe Insurance
Company, WAS yesterday nled IN the Office tue
County Clerk. Mr. Andrew V. Stout was appointed
receiver OF the company. on the application Of tho
Attorney General in September 1874 Tho general
assets OF the compiny, which came into his hands,
were Insufficient to pay the necessary cx
perses OF clerk hire, &c., ana II np-
pears that he has made personal advances TO
the amount OF $l.79i 75 He made application to tho
Court in 1878. to compel the Insurance Department
TO transfer TO him the securities deposited with II TO
the amount OF $l0d o0o. Tho application denied,
because under tho general statutes applicable To in
surance companies the Court thought the department
at Albany trustee of this fund Tor policy holders.
In ls7G. therefore, II special act passed by the
Legislature for the benent Of this company, autnorz
ng reference 10 take proof OF cians policies aud
report thereon to the Court aud directing the transfer
OF tue Albany deposit 10 the receiver for distribution
on the coming IN oil inc referees report THIS report
has Just been hlcd anu will be brought before the
Court for coulr rmatiou on tho third Monday OF Febru
ary when molon VIII also be made on benaii OF the
receiver TO transfer tnse securities TO him
Tho report first contains statement concerning a
Claim oi $4,000 due 10 the shoe uhd Leather Bank,
wnich tue receiver asks 10 have pad
terest oil the Albany deposit collected by him, out
which not allowed. II thon states the amount of
The registered policy uud To be $7,U79 43, against
winch there Is but one policy caim that o Henry 4.
Story for 1000, which Is allowed The balance 10
0e distributed among unrel ellstcred policy holders
alter deductns expenses. Is STA, 4O2 3d. Against
this fund there classes OF First
oil living policy hodets VINO CAIN the surrender
value their policies ut tue time OF the
OF the receiver under clause contained in the poll
CLcS. dividend Is allowed these
second, claims tor deaths happening before tho
RECEIVERS appointment II was claimed that these
should be paid IN ul but dividend only is allowed
upon them uGder the ruling vi the Supreme Court,
General Term, IN tue security case. Tnird, claims
Tor deaths happening alter The appointment OF the
Ceivcr but during the premium paid period, including
On the lace Of these claims, as IN cases deaths oc
curi ing before the roceivsrs appointment under tho
rulings IN the Security case taken uect0n with
an analogous scs under nre po.icies. lin re CrotVn
Insurance Company. Barb. Gu Fourth, claims Tor
deaths happening alter the oil the receiver
and alter tho expiration oi the premium pei
PREMIUMS we're paid IN many ot these cases TO tho
receiver, after his appointment, up 10 the ims .: tho
death The referee holds, with one exception, that
tue recover had no power TO accept these prem uns
He directs their return To tue parties paying
them, and holds that Only dividond sho ud be pad
tho surrender vaiuc ol these policies tue tim. Of
the failure vi tho company. The exception IS the
OF Mrs Tate, where II was shown that the insured
had received fatal injuries before the receivers
poinlmenI dividend on the lace of this deatn
claim Is allowed under tho authority OF Holden Is
case IA l. X. h. Cascs, y. ~
As these questions arc new and there Is "A deter
mlnaon oi counsel " make thIs test case, u will
probably be carried to the Court OF Appeals,
d,vldeld may not be directed Tor year The lnsur-
ance Department may sill contest transfer OF
rities 10 the receiver.
The total policy liability of tho company, us stated
upou the principles OF Iaw laid down by tue REFEREE u
$l72 2e4 ". The premium amount u $l2 1877 49,
Upon this basis u estimated dividend Of sixty per
cent Can be paid policy holders their claim Tue
claims OF general creditors receive nothing, shsrs
| general assctA