First National Bank of Mercer County v. Rankin (In re Rankin)

MEMORANDUM

WM. B. WASHABAUGH, Jr., Bankruptcy Judge.

This matter is before us on a Complaint of the First National Bank of Mercer County for relief from automatic stay in order that it may receive payments due the husband-debtor from the New York Life Insurance Company under contract rights he assigned to the plaintiff June 19, 1975 as collateral for indebtednesses he then and thereafter contracted with said bank.

The debtor-husband was an insurance salesman for the New York Life Insurance Company and as such became entitled to benefits under a Field Underwriter’s Contract dated June 1, 1963…