First State Bank of Monahans v. Holt (In Re McDaniel)

MEMORANDUM AND ORDER

BILL H. BRISTER, Bankruptcy Judge.

The First State Bank, Monahans, Texas, (“Bank”) and Kenneth D. Holt, Trustee in Bankruptcy for the estate of Larry McDaniel, debtor (“Trustee”) are contesting over an Individual Retirement Account (“IRA”) in the approximate amount of $1,500.00. The following summary constitutes findings of fact and conclusions of law after nonjury trial on May 16, 1984.

The facts substantially are uncontrovert-ed. On July 7, 1983, Larry M. McDaniel and Patricia F. McDaniel filed their voluntary petition for order for relief under Chapter 7 of the Bankruptcy…