Fraternal Guardians' Assigned Estate

Citations

• 159 Pa. 594
• 28 A. 482
• 1894 Pa. LEXIS 903

Syllabus

<p>Beneficial association — Insolvency—Distribution of estate.</p> <p>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.</p>