Life Insurance =C2=A0 =C2=A0 Hello Listservers:=C2=A0 M=
Posted: Thu Jan 25, 2018 9:51 am
The lender foreclosed on her corp's assets. She owns the term life policy itself.
On Wednesday, January 24, 2018 5:53 PM, "David Tilem DavidTilem@TilemLaw.com [cdcbaa]" wrote:
If the lender foreclosed on the policy, then the lender owns the policy. Why do you think Debtor has any recoverable interest? David A. Tilem Certified Bankruptcy Specialist Since 1997 Law Offices of David A. Tilem 206 N. Jackson St., #201 Glendale, CA 91206 Tel: 818-507-6000mLaw.com The pages comprising this transmission may contain CONFIDENTIAL INFORMATION from Law Offices of David A. Tilem. This information is intended solely for use by the individual or entity named as the recipient hereof. If you are not the intended recipient, be aware that any disclosure, copying, distribution, or use of the contents of this transmission is prohibited. If you have received this transmission in error, please notify us by telephone immediately so we may arrange and correct this transmission. Sent: Wednesday, January 24, 2018 5:11 PM
To: Cdcbaa Yahoo Listserv
Subject: [cdcbaa] Life Insurance Hello Listservers: My client has a life insurance policy where she is the insured and policy owner. However, as part of a loan agreement, she assigned the proceeds to the bank. The loan was for purchase of a medical practice; the medical practice shut down and the bank foreclosed on its assets and sold them. The client now has a discharge in bankruptcy, wiping out the loan. The assignment of proceeds is still in place, however, and will be until the bank notarizes a release of the assignment. Do I have standing and leverage to ask the bank to release the assignment? Or is this something that is more like a lien, which survives bankruptcy? - John D. Faucher 818/88
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