In Re Lemons & Associates, Inc.

MEMORANDUM DECISION

JAMES H. THOMPSON, Bankruptcy Judge.

FACTS

On June 21, 1985, this court approved a compromise between J. Stephen Lemons and the Trustee for the debtor, Lemons & Associates, Inc., pursuant to which, among other things, Mr. Lemons conveyed real and personal property to the trustee. One of the assets transferred to the trustee was Mr. Lemons’ residence. The compromise provided that the trustee was to sell the residence and that $45,000 of the proceeds be placed in a “spendthrift trust” of which the Trustee of Lemons & Associates, is the trustee. 1 The $45,000 held in trust is to…