Roland D. Buford
sues
Equitable Life Assurance Society


From
The Richmond Virginia Times Dispatch
May 18, 1905

VIRGINIA MAN SUES EQUITABLE SOCIETY
~~~~
Rowland D. Buford Demands Share of Excess of Surplus
(By Associated Press)

New York May 17, - Papers in a suit against the Equitable Life Assurance Society, based upon an entirely new phase of the Insurance law, were served upon counsel for the society to-day by Alexander S. Bacon, as counsel for Rowland D. Buford, a resident of Virginia.  The suit is brought in the Supreme Court in this city.

Mr. Buford, who is nearly 80 years old and who has, since 1871, kept up his payments upon one of the original line policies, complains that in accumulating a large surplus over the legal requirements, the Equitable is not carrying out its contracts with him.  He asks the court to order the directors of the Society to divide the excess of surplus so that he will get an "equitable" share, to cause the directors to change their policy of accumulating a surplus above what is actually required by law, and to remove the present board of directors and put others in their places unless they carry out the order of the court.


From
The Richmond, Virginia Times Dispatch
December 6, 1905

Equitable Wins First Round in the Buford Suit
~~~~
New York, December 5 --  The Demurrers of The Equitable Life Assurance Society directors and trustees to the complaint of Rowland D. Buford, who brought suit to have a just and lawful distribution of the society's surplus, were sustained in the supreme court today.  Buford claims that in 1904 the society distributed in dividends among the policy holders the sum of $6,001,906.00 of which he received $13.  He asserts that the sum which should have been distributed was $86,796,175.00 of which his proportion would have been $188.

Justice Scott, in sustaining the demurrers, gave leave to Buford to amend his complaint within twenty days.




 

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