[Download] "Matter Edward F. Love v. A. S. Menick" by United States Court of Appeals for the Ninth Circuit # Book PDF Kindle ePub Free
eBook details
- Title: Matter Edward F. Love v. A. S. Menick
- Author : United States Court of Appeals for the Ninth Circuit
- Release Date : January 01, 1965
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
ELY, Circuit Judge The voluntary petition in bankruptcy was filed on October 4, 1962. For several years prior thereto, the
bankrupt, appellant here, had maintained a life insurance policy with himself as the named insured and his wife as the beneficiary
and for which he had paid, in monthly payments, an annual premium of $1,975.80. Six or seven days before the petition was
filed, the policy was surrendered in exchange for its net cash value of $1,222.36. On October 2, 1964, two days before the
petition was filed, appellant, acting upon advice of counsel, deposited $1,000.00 of the money received from the policy surrender
in a federal savings and loan association. This deposit was withdrawn twenty days later, one day before the first Meeting
of Creditors, and replaced in a commercial banking account under the name of appellant's wife. Thereafter, the money was used
for living expenses, as appellant was unemployed and possessed only of his wearing apparel and his household furniture. The Referee in Bankruptcy, following a hearing, sustained the Trustee's refusal to declare the savings and loan deposit as
being exempt under the provisions of Sections 7611 and 11000 of California's Financial Code 1 The ruling was predicated
upon the finding that the circumstances revealed the perpetration of actual fraud upon the Trustee and the creditors.