The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-05
A POLICY HOLDERS PETITION
ASKING TO NAVE 4 RICHTER TOR THE
CLONE Mutual LIFE.
AverrinG that u hns been InsOivsnt since
1s74-The Allegations In Mrs Mortimer's
Csmplnint-The Defendant ~ Nakins Answer.

Gemptntnt-The beNndaut waking Answer.
A petition was presented to Judge Law
renee in tho Supreme Court. Chambers. ycstcr-
day praying for the appointment OF n receiver
for the GLOBE Mutual Life Insurance Company
Of this city. Tho petitioner Ia Mrs. Emma c. II.
Mortimer OF Passaic. y. j.. n policy holder In
the company. and II was presented by her coun-
sel, Amos q. Hull and Warren II. Dix. The
ground of the petition is Insolvency. in which
condition II Ia alleged the company has been
since 1874.
Mrs. Norimers complaint contains the fol-
lowing allegations: Previous to Jan. 7, 1874.
she held life policy In tho Globe Mutual. upon
which several premiums had been pnid. About
that time her attention was called to endowment
policies. Sho was impressed that such policy.
possibly uaynble before her death. was desir-
able and therefore had her husband acting
ns hor agent. negotiate with the company
to make the change taking her life policy and
issuing To her nm endowment policy for tlO.OW.
The amount OF premiums paid ON the life poll
iry werc 10 10 applied to the endowment policy.
Tue change was made on the 9TH OF January.
On or about the Let Of last August Mrs. Morti-
mer discovered that her policy was not an en-.
dowment policy. and that the. company. had
given her n reserve dividend policy. She alleges
that nj the time the exchange was made her
agent was induced 20 believe that the policy was
the same as an endowment policy. An endow-
ment policy would return her or her heirs
f1OOO1 az the expiration OF ten years. The re-
served dividend policy is Dependent for its
year She has reason to believe that her por.
Snds the end rUS OF ten viii 'f bc
nothing; AZ the time Of receiving the
impression that i was an endowment policy.
the difference being solely In name. The
ama9upu ans mt she has IS paid the company . Is t292S TO-
terest from the several dates OF payment She
has demanded payment Of the company.
tion. and belief she alleges that the assets
OF the company are not sufficient to meet lts
hence It cannot meet her claim now nor
will II have any surplus. q portion OF which will
be hers upon the maturity OF her policy. The
up largely ~ bonds and mortgages upon real
estate which mas been appraised FAR above its
pretended 10 10 secured by tho bonds and mort
Cages upon the same The financial affairs Of
tho con- pgny. continues the complaint have been
incflicie9ily and runou,y MANAGED. exorbitant
salaries have been paid and unnecessary eN-
penses incurred. These causes. the deprecia:
its afrairs. have resulted In the Insolvency oi
tho company and she alleges that 1t was in
solvent ON the 7th Of January. 1874, when the
exchange was made, and that shs was ignorant
Of the fact but 1t was vol known 10 the officers
The complainant asks that tho company bo
| dissolved and q receiver b. appointed e. amply
,S assets % q thG fompnay boward me ne lauiaSa r
| sum OF Sl.925.l0 with interest from the several
dates Of payment The complaint was served
on tho company Oct, 4. and on the
| In demurrer upon tho grounds that
| there were two causes OF action improperly
| Joined. that the Court had no jurisdiction. and
that the creditor had no right 10 ask 10 have tho
business Of the company wound up and the cor
| poration dissolved. No denial or defence was
| nndo. Counsel for the plnintin ayerrcd that
| the demurrer was frivolous. and on that ground
| Judgment was asked ior tho relief demanded in
| the complaint. The Court took tho papers and
gave the defendant until Wednesday, the 9th
| inst. to enter n brief.
| The head ofice OF the Globe Mutual Company
| is at 3i7 Broadway. Its President il Plny
| Freeman. and its Secretary James NJ Freeman.
Tho capital stock Is tlOO 600. and its assets Jan.
| !. 1871. 81 39s .962. Its liabilities on poiiry
| holders account Mt the same date We're, accord
| ing To- the annual report 81 979 .G2i. leaving 3,
| surplus of sil9.O2S. At tho close Of 1876 1t had
| lu.HN4 policlns In force.