Counsel for the defendant contended that the action is not one of debt and could not be brought under the small debt procedure. The action is one for the recovery of a declared dividend on the premiums paid by the plaintiffs in the year 1933, and this dividend at the expiration of the policy year, according to the mutual policy conditions and the resolutions of the board of trustees, became a debt due by the company to its policy holders in the same manner as a declared dividend becomes a debt due by a company to its shareholders: Dalton v. Midland Counties Ry. Co. (1853) 13 C.B. 474, 22 L.J.C.P. 177; In re Severn and Wye and Severn Bridge Ry. [1896] 1 Ch. 559, 65 L.J. Ch. 400.
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