Bell v. Union Central Life Insurance

Citations

• 23 Ohio C.C. Dec. 69
• 14 Ohio C.C. (n.s.) 385
• 1911 Ohio Misc. LEXIS 223

Syllabus

<p>1. Participating Life Insurance Policy Holders May Compel Conservation of Surplus Fund Accumulated for Their Benefit.</p> <p>Participating policy holders of life insurance company may maintain an equitable proceeding to conserve for their benefit a surplus fund accumulated under the by-laws of the company for . their benefit from earnings of participating policies.</p> <p>2. Previous Action in Quo Warranto Brought by Attorney-General Testing Right to Declare a Dividend Out of Surplus Fund Not a Defense to Proceeding to Conserve Fund by Participating Policy Holder.</p> <p>In an action brought by and on behalf of all participating shareholders it is no defense that the Supreme Court in quo warranto proceedings, brought by the attorney-general against the corporation for the purpose of testing the right of the company to declare a'dividend to its stockholders out of said surplus fund, has refused the relief prayed for, the participating policy holders not being parties to said action.</p> <p>[Syllabus approved by the court.]</p>