Pennsylvania Co. for Insurances on Lives & Granting Annuities v. Cox

Layton, C. J.,

delivering the opinion of the Court:

The Chancellor held, Garrett v. Edge Moor Iron Co., 22 Del. Ch. 142, 194 A. 15, that under the statute and charter provisions, the dividends on the preferred shares were cumulative; and that the undistributed assets should be applied to the liquidation of dividends on the preferred shares remaining unpaid from October 1, 1931, to the time of the payment of the par value of the preferred shares.

We are in accord with the conclusions reached by the Chancellor, and can add nothing to the clarity and force of the reasoning on which they were based.

H…