Show DEMURRERS SUSTAINED Wins First Round in the Buford Suit New York Dee of the Life Assurance society trustees to the complaint of Rowland D Buford who suit to have a just and lawful distri of the surplus were sustained in the supreme court claims that in 1904 the society distributed in dividends among the policy holders the sum of of which he received 13 lie asserts that the stun which should have been this vas of which his Proportion would have been ISS Scott in sustaIning the the gave leave to to amend his complaint within twenty lays Rights of Policy Holders Justice Scott in his decision said The principal suggested by byth th following complaint vas whether or not the policy holders of the defend defendant ant society are entitled as a matter of strict legal right to the proportionate distribution of the entire surplus of the society over and above the reserve by law A holder and the company by which he heIs Is bear to each only the relation two contracting parties and the policy constitutes the be them The policy en titio hint to in profits but makes po agreement in terms to the extent of such or even shall be with the participation of any other policy hold or or class of policy No Limit to Surplus There Is in the which says no more shall be retained than what is called the legal reserve There is nothing in the charter which would justify a belief that when its framers provided for aside a portion of the to existent and prospective claims they had In mind that is now known as they statutory legal reserve or that they to limit the to apart that amount and no nomore more |