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Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review
Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review
Michigan Law Review
The appellants, husband and wife, executed a promissory note to the appellee-bank. Thereafter, they purchased real property which they occupied as a homestead. Acting pursuant to an Iowa statute which subjects a homestead to debts contracted before the homestead was acquired, the bank commenced a suit on the note in state court, but this proceeding was stayed when appellants filed a voluntary petition in bankruptcy. After the trustee in bankruptcy set the homestead apart as property exempt under Iowa law, the bank sought a stay of discharge in bankruptcy for a reasonable period of time so that it could obtain …
Income Tax--Listing Abandoned Residence For Sale And Not For Rent Considered Sufficient To Convert To "Property Held For The Production Of Income"--Hulet P. Smith, Michigan Law Review
Income Tax--Listing Abandoned Residence For Sale And Not For Rent Considered Sufficient To Convert To "Property Held For The Production Of Income"--Hulet P. Smith, Michigan Law Review
Michigan Law Review
Since 1941, Hulet Smith and his wife had lived in a large house in Arcadia, California, where Smith had been actively engaged in a real estate loan business. In 1959, Smith decided to retire and move to Pebble Beach, a distance of about 400 miles from Arcadia. He purchased a parcel of land in Pebble Beach and built a large expensive home, with the avowed intention of making this his permanent personal residence. In 1961, after severing all business and social connections in the vicinity of their old residence, Smith and his wife moved into their new home, taking virtually …