The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1886-06-16

Va 'u'
decision, as 1t interests great many
people in this section.
ro.h ca
Vo'ePn '''H''''
H. u,o ~ on DIN anu
NJ, IL I',l oouuSy answer
~, nv A"'i"aoo w.
Inc aeiendant reinsured oil its risks,
ana had large sum OF money in the
treasury, pelug the proceeds OF cash pay
menus Dy the then present and also past
pohcy- hoiaers ana the interest upon the
investments thereof, which sum has been
OF ABOUT the same amount for several
years beid, That all the policy holders
VINO contributed to such sum are emit.
tied to proportion thereof according
70 1he amount OF tnelr payments, whe-
lner they conunued to be policy holders
~ .ne period Oh distribution or not.
mr' W. Il. haynurst and Mr.. a. u.
nleney ior complainant.
=, MI y, a, okliiman ana Mr.. John Ii.
stewart ior defendants.
pro, v: Y. Inc Hunterdon County
mutual flfe insurance 20. was organ
lAeu IN tue year lo4o, by virtue OF an
ACT OF tle Legislature OF that year, as
J. company: twenty years later
us powers and privileges We're extended.
III 1909 its directors conceived that 1t
woulu pe netter 10 reinsure all risks and
MAKE uis.fipueioh 81 the money then In
Wv, sne ,lcasu'y' a meeting OF the policy
noiuers was called ior March 9th, 1885.
Az .hat meeting a resolution was adopted
au'hor,zi"g tne directors to reinsure and
~ neansuaahoe w',s enec'eo. a large sum
~ ,noney was 1uen IN the treasury and
nau oe se ior several years: ms sum
aLose rom premiums PAID IN excess OF
ene aepauus upon tne company ior losses
ano Expenses "no from interest on such
eA1 less. oo. TOO, -
ouha 1o'a, 1000, the BOARD directed q
c conn 10 make distripntion OF these
luuus aniongs' ehe poilcy.noiders IN pro.
por.ion 10 uie amount Oh their respective
foL L HELD AT THE TINE OF aEiNsuR-
ANoE. majority OF the committee was
auou. 10 mahe ulstriputlon, wheh one
ene nleu ms piil 10 restrain them
rom , nuAing oise,ioution amongst those
osiy Mho were polcy-hoiaers at the time
=. reinsurahce, because TO limit such
uis..iputlon 70 tnose only would be IN.
eIu',apie "hu unjust since many others,
pe,enahce, wno were not then policy.
aoiueis, h"u oohtriouteu rs niuch US, and
~ many casss more .Isn many VINO
Meie. An in!unc.ioh was aiiowed, ana
lne solo lues.ion rs are poilcy-holdors
VINO con'ripnsea 70 inc iund pow 10 the
.ieusuly ens''leu 70 snare IN the uistriDu-
eioh .'ie5eoi' aithougn their poiicies OK
pileu = my, VI month, orr year, or hve
Ieais uoIoie ene Iime OF reinsurance
i Arc .no p'eseh. hoiuers 10 reap the only
penehe vi tne management or mlsman-
agement winch rendered 1t advisable, il
not necessary. 10 fcinsure
Wnat pfinclple snail guide the court !?
VIM |. po lus' W ueciare that those VINO
come ~ .l'o ias. momeht ana were mem
pers put aay snail take all the profits
maae py tnose VINO had been members
ior nVe or tei' years, put We're not ut the
sime OF reinsurance DID they earn this
irnd ei.net oy tnelr LABOR or by their
investments Cieariy, u the court al
ali tl,a sur,lns i; Iii ,,a ~ 'a IN
aontr;h,t;dns r,n ~ e'I,saS .ho
few W oenei' 'ne
What ,vos An oantrao,o r.m
t,oi o,,i;nat;o, ~ a,,a.o -, "a 40. a a.u
Ana 3, ,s,oIa az .onsas. 'oosos ~ nIe.
aaas.;,, -, .,oss;,s,s az no aDooiu.oiy
70 be nacessaru for t to ,s',sna supposea
s,;,a.l ~ 10 ,,s;d n. ndnoapa 1 p,, "as 10
I'll MAJ, -, -, i,.,s,,s ~
tb;s ovtan5oa ~ "as my aii'
tr;isnt;a,, ~ a,n s,,r,,i,,s " M ~ elaai uis,
~ a.,o,,oa ~ ~ 'e, Inc tas,i Pf'u
$500 ,sl,;o,, hn,los pa.e " pioseo' sohe
an"i,a 6;n, 4 IT,. 'ss ~ AZ. ao1s VI W
1uaD ,, u, all II S;s o@S "a VIC 'feaso,y
- $500 Az .r,;s.:.,s So, Dus s'I,p,J
against NJ loss That ;s Tho yenty,a oit ,,as
Is The cantrac. Tho rna,ohars 81. ' .Se
t 81 he;nr h;na thansalnaa an,,. ~ ~ .he
other only moi ~ any ,h;rd 1o ,ao " sno
not n those who NAV beca,aa r rasJus ,
o nHs ona ,rhay tha;. o,;a a ",'a, II
have eyn;rsa THO ,nonen ~, p1o 'u .,.i
r,ano,,arS for tba t;,,a 49, re; - . .le
Snnd bald sor thanasa,,,as 49, ~ ,u ~
d;vert n 70 the nrot,t ~ o,hors J = anu ~
hraoaI, 80 t.nst - o'e - pi'in
...,,,
pu' !. - saiu Una. inns opilgation to
make mutual distribution must neces-
sariiy pe nmited 70 shose VINO are mem
ners ~ inc perloa OF dlstrioution. IL is
insis,eu 'iiue no ohe eau oe recognized
except members ana that ny the pro
VISIONS Oh the char.er no one can De con-
sidereo = MEMBER ior any purpose except
.nose VINO nave hVinB, running policy
why SHOULD this DC 30 IN reason! The
poiicy- noiuefs whose terms expired q
aay, u mouth, OF year before the re-
insurance, 'iau y. .ne .,me Oh sncn ex'
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