E. Cecil Wiley v. Public Investors Life Insurance Company

GEE, Circuit Judge:

Defendant, Public Investors Life Insurance Co., asserts on appeal that the district court erroneously construed and applied controlling principles of bankruptcy law in entering judgment for plaintiff, Trustee in Bankruptcy of the Estate of Horace William Keeling, Jr. We agree and reverse.

The facts are not in dispute. Mr. Keeling was employed by Public Investors. Under his contract of employment, executed on January 1, 1966, he retained an interest in all renewal premiums paid on policies of life insurance which he sold while in the employ of Public Investors. As long as the…