Houck v. Martin

On April 23, 1975, the plaintiff, serving as trustee in bankruptcy for the Martin Supply Company, which owned and operated a grain elevator, filed a multicount complaint against Edward Martin, Audrey Martin, and Carol Martin, and against the First National Bank of Springfield (FNB). Edward is the son of LeRoy, now dead, and Audrey; Carol is Edward’s wife. The plaintiff sought to recover from Edward as the principal obligor on a *200,000 loan allegedly made by FNB to Edward and repaid with proceeds from insurance policies on LeRoy’s life assigned by the company, as owner of the policies, to FNB as…