Surplus

That which is left from a fund which has been appropriated for a particular purpose; the remainder of a thing; the overplus; the residue.

See 18 Ves. 466.

It has an appropriate application to personal property or money, but, when used in a will, may include real estate; Byrnes v. Baer, 86 N. Y. 210. See Savings Banks; Reserve. Whether a policy holder in a life insurance company shall participate in the surplus rests in the discretion of the officers as to what amount shall be distributed and when; Equitable Life Assur. Soc. v. Brown, 213 U. S. 25, 29 Sup. Ct. 404, 53 L. Ed. 682. A policy which permits participation in surplus earnings is (in the absence of wrongdoing or mistake) entitled only to a distribution according to the method adopted by the company and not to his share of the entire surplus; Greeff v. Life Assur. Soc., 160 N. Y. 19, 54 N. E. 712, 46 L. R. A. 288, 73 Am. St. Rep. 659. The fact that stockholders claim the surplus of an insurance company, and the officers of the company do not actively deny the claim, gives no ground for a receivership at the suit of a policy holder claiming that the surplus belongs to the policy holders; Equitable Life Assur. Soc. v. Brown, 213 U. S. 25, 29 Sup. Ct. 404, 53 L. Ed. 682.

See Profits.