Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-10-21

So xARAs /
MARIANA X. CLEvRuorR.
The MUTUAL LIFE IxsunAscE CoupArv.
OF new YoRK, AppsAass.
Appeal from the District Court Of Yank-
ten equity. -
Gamble Brothers, attorneys for appellant.
Oliver Shannon, attorney for respondent.
OPINION By BARNEs, JUSTICE.
trict.
1: The complaint charges that the de-
iendant is q corporation created under the
laws OF the state of New York, and has for
its agent, Mark NJ. Farmer 1t Yankton. Da-
kota.
2. That on the 22nd Of August. 1873. it
Issued . life insurance policy to plaintiff on
the life Of Shobal v. CT evsnxer.
8. That plaintiff has regularly paid
Premiums on said policy ii the rate of
thirty dollar and Eve cents quarterly.
4. That the defendant received and OBJ.
tanned said money from plaintiff from time
70 time - per statement below, under false
representations, promises and undertakings.
in that the said defendant agreed. under.
took and promised to refund and pay back
70 this plaintiff, whenever she desired TO
surrender said policy, the full amount of
sald payments, less q certain percentage
thereof - plaintiff understood, not to ex.
coed ten Per cent.
=. That plaintiff has offered to surrender
said policy on payment to her of ninety
cents on the dollar of the amount paid in
By. her on said premiums; which defendant
refused !; but offers and proposes to pay her
forty.eight dollars and forty-thres cents. @
b. From the statement accompanying
the complaint it II claimed, that from Aug.
ust 2Sd, 1873 to August 23d, 1877, the plain.
TIL paid inpremiumsthe sum of five hundred
and ten dollars and %eighty-6ve cents on 4
life insurance policy Of five thousand dol.
lars.
The plaintiff then credits the company
tor alleged dividends, one hundred and
twenty dollars; leaving Of cash paid q
premiums for the four years, three hundred
and ninety dollars and ffty-nine cents, OF
about ninety-seven dollars and fifty cent
per year.
Y. The defendant by answer denies th,
allegation in the complaint of the making
the promises or representations as thereil
stated and further alleges that the aRen,
Farmer, had no authority in law to max,
said representation or agreement, and fur
ther, the defendant AYERS that the contrsc
or agreement of insurance was in writing
and consisted of the application for insui
ance, and the policy Of insurance, granite,
upon the application.
We depart from the order pursued at tn
/ trial onH hnHo Snooet o,,oL oe:n~1.. 4.
appear in the application and policy Of tn
insurance contracts and ~ are pertinent in th
investigation of this case, viz:
"And it is hereby expressly stipulate
and agreed that the above application, an
this declaration form the basis of the cor
" tract between the above named person an
" the said the Mutual Life Insurance con
"pany Of New York.
I'D. By insuring in the Mutual Life L
" surance company Of New York, you b.
come . member of the company, an
share in the profits. This company il ..
"tablished on the mutual plan the entiz
profits. deducting necessary expense
"alone, being divided among the assured i
the most equitable mannsr.
The surplus ofthis company Is CAREFUL
" ascertained% and the whole amount is d
" vided among the policy holders exclusiv,
~, in proportion. to the ovefpaymsnt Q
" earnings in accordance with a.plan.inar
" Eurated BY this company, and indorsed b
the leading mathmaticians O this countr
" and in. Europe, and the charter of thi
" company" ga
Here it is proper to observe, that the d,
PENDANT .is . mutual insurance. company
that the plaintiff, the assured, Is q membe
Of that company, that in entering into thi
contract the plaintiff and defendant hay
agreed upon the ann of aa~certaininR Ii
profits or surplus Of this company, and i
division among. the policy holders upon
purely equitable basis.
. We here no:e . further stipulation of tn
contract,-"ali policies in force at the tin
"of making . dividend, including those j
"sued between dividends, and also tho,
(Which have become claims since the ID
dividend, participate indhe surplus of til
AEs,nsswe find this stipulation: "Ye
will not lose all. a
AFTER two years the.Mutual Life 1nsu
"ance company Of. New York will grant
"news policy. which without further payne
"will1ssure to your Representatives At yo'
death, q Yeversioaary Gum equivalent to q
present value Of the policy, on surrends
tsor they will purchase your policy and p'
"you1the value for it in ca-h On sure
"der." a :
|. Obntinxed tomorrow.
s1as NORTHERN PACIFIC IN OREGON.