166 Mass. 450 | Mass. | 1896
This is a petition by holders of matured benefit certificates to have their certificates paid in full out of the endowment fund before any other payments are made from it, and especially in preference to any payments upon certificates not yet matured. Perhaps it would be enough to say that the petitioners’ certificates had not matured at the filing of the bill, and that the rights of the parties were fixed at that date. Fogg v. United Order of the Golden Lion, 159 Mass. 9, 12. American Loan & Trust Co. v. Northwestern Guaranty Loan Co., ante, 337. Merrill v. Commonwealth Ins. Co., ante, 238. But we may add that the petitioners’ argument is based on a fallacy. If, as no
The rule of distribution in winding up a company of this sort necessarily is different from the order of payments made by it while a going concern. The dividend to each holder of a certificate will be in proportion to the amount paid in by him to the fund. Fogg v. United Order of the Golden Lion, 159 Mass. 9, 12. Petition dismissed.