[Download] "Kay Shepherd v. Bering Sea Originals" by Supreme Court of Alaska # eBook PDF Kindle ePub Free

📘 Read Now     📥 Download

eBook details

• Title: Kay Shepherd v. Bering Sea Originals
• Author : Supreme Court of Alaska
• Release Date : January 05, 1978
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

This appeal involves the following questions: (1) whether a dismissal of Chapter XI bankruptcy proceedings by a bankruptcy court bars a secured creditor from litigating an issue that was resolved, as far as unsecured creditors are concerned, by the action of the bankruptcy court; and (2) whether the proceeds of an insurance policy on the life of the president of a closely-held corporation should be regarded as belonging to the corporation, which paid a substantial portion of the premiums. The bankruptcy court recognized the assignment of a secured interest covering essentially all of the assets of Bering Sea Originals, Inc. ("BSO") from the Alaska State Bank ("Bank") to Carol Chase, the sole shareholder in the corporation in consideration of $339,160.76 which Chase paid the Bank. Ms. Chase was a guarantor of BSOs repayment of the Banks loans to the corporation. Kay Shepherd, a secured creditor of BSO whose security interest was junior to that of the Bank and who was present with her attorney at the bankruptcy proceedings, seeks to have that assignment set aside so that her security interest would have priority with respect to the assets of BSO, which admittedly were less than the amount of the Banks secured indebtedness. It is Ms. Shepherds contention that an insurance policy in the amount of $300,000.00 taken out on the life of Edward E. Chase, former president of BSO, should have been regarded as security for the bank loan rather than as security for Ms. Chases guarantee of the loan, so that when Mr. Chase died on November 29, 1974, the proceeds of the policy should have eliminated the indebtedness to the extent of the amount received from the policy. The contention is based on the fact that BSO paid a substantial amount of the premiums on that policy and another policy taken on the life of Mr. Chase.

Free PDF Books "Kay Shepherd v. Bering Sea Originals" Online ePub Kindle