Fraternal Guardians' Assigned Estate
Fraternal Guardians' Assigned Estate
Opinion of the Court
All the facts necessary to a proper understanding of the questions presented by the specifications of error in this case are sufficiently set forth in the learned auditor’s report. Twelve exceptions filed to said report were dismissed by the court, and distribution decreed in accordance with the schedule submitted by the auditor. Dismissal of said exceptions, all of which are recited in the first twelve specifications, and refusal to'award the fund in the hands of the assignee to the holders of matured
Decree affirmed and appeal dismissed with costs to be paid by appellants.
Reference
- Full Case Name
- Fraternal Guardians' Assigned Estate. Sheeler's Appeal
- Cited By
- 4 cases
- Status
- Published
- Syllabus
- Beneficial association — Insolvency—Distribution of estate. The certificates of a beneficial association ran for twenty-eight years. At the end of each period of tiwee and one half years a member, if in good standing, was entitled to receive a sum not exceeding one eighth of the amount of his certificate. After the expiration of the first three and and a half years from the date of its organization but before payment of the amounts due, the association became insolvent and made an assignment for the benefit of creditors. Held, (1) that the entire fund of the assigned estate after paying debts should be distributed pro rata among all of the certificate holders, and (2) that the members whose certificates were more than three and one half years old had no preference for the one eighth of the amount of their certificates.