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IN RE LAGERSTROM

June 19, 1969

IN THE MATTER OF FRANK W. LAGERSTROM, BANKRUPT.


The opinion of the court was delivered by: Robert D. Morgan, District Judge:

DECISION AND ORDER

ON REVIEW OF REFEREE'S DECISION

This matter arises on Certificate of Review filed April 15, 1969 by Stephen J. Covey, Referee in Bankruptcy of this Court, as a result of Petition for Review by Barry M. Barash, Trustee of the captioned bankrupt estate. The Court has considered said certificate, together with arguments and briefs of said Trustee and for the bankrupt.

The Opinion and Order of the Referee, of which review is sought, filed April 3, 1969, sets forth findings and analysis of the applicable law as follows:

"On January 30, 1969, FRANK W. LAGERSTROM, the bankrupt herein, executed the following document:

        `ASSIGNMENT OF INCOME TAX REFUND
                FOR THE YEAR 1968
  `In consideration of legal services rendered and
  to be rendered in connection with bankruptcy
  proceedings, the undersigned hereby assign and
  transfer to BERNARD G. STUTLER all their interest
  in and to any claim for refund against the United
  States Government for refund of income taxes
  over-withheld during the calendar year 1968, to
  the extent of $245.00.
`DATED this  30th  day of January 1969.
                             S/  FRANK W. LAGERSTROM
                                --------------------
                                 Frank W. Lagerstrom
                             S/ ____________________
                                 Dorothy Lagerstrom'

"On January 31, 1969, FRANK W. LAGERSTROM, filed a voluntary petition in bankruptcy in the United States District Court, for the Southern District of Illinois, with BERNARD G. STUTLER appearing as his attorney.

"On February 19, 1969, a first meeting of creditors was held and BARRY M. BARASH was appointed Trustee. On February 24, 1969, said Trustee filed a petition asking that this Court declare the above assignment invalid because it failed to comply with the Federal Assignment of Claims Act, 31 U.S.Code Section 203, and with Section 9, Chapter 26 of the Illinois Revised Statutes, which is the section of the Uniform Commercial Code, which deals with the creation and perfection of security interests in personal property.

"At the hearing on said petition it was stipulated that the amount of the tax refund was $70.00, that it has not as yet been paid to the bankrupt, and that no compliance was made by BERNARD G. STUTLER, the assignee, with the provisions of the Federal ...


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