Moody v. State ex rel. DeBellis

The appellants, Shearn Moody, Jr., and W. Steve Smith, as Moody’s trustee in bankruptcy, appeal from a judgment rendered in Jefferson County Circuit Court in the receivership action of Empire Life Insurance Company (“Empire”). The judgment was rendered in response to a counterclaim filed by the appellants, and it orders certain distributions of Empire’s funds to approved creditors. We affirm.

In 1972, Empire was found to be in a very poor financial position, and consequently was forced into receivership in Jefferson County by the state insurance commissioner for the purpose of liquidation.…