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DANIEL v. LAYTON

No. 5253.

75 F.2d 135 (1935)

DANIEL et al. v. LAYTON et al.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied February 19, 1935.

Attorney(s) appearing for the Case

William S. Oppenheim, Earle E. Ewins, and Edward S. Price, all of Chicago, Ill., for appellants.

Roy O. West, Percy B. Eckhart, William M. Klein, and Lewis C. Jesseph, all of Chicago, Ill., for appellee Abel Davis, receiver.

Fred P. Carr, of Des Moines, Iowa, and Robert A. Frantz and Arthur J. Jennett, both of Chicago, Ill., for appellee Central Life Assur. Soc. (Mutual).

Before ALSCHULER, EVANS, and SPARKS, Circuit Judges.

EVANS, Circuit Judge.

In November, 1932, the Illinois Life Insurance Company, hereinafter called the Illinois Life, became financially embarrassed and Abel Davis was appointed receiver of its property. At this date there was outstanding $140,000,000 of insurance held by 70,000 policyholders. Its reserves had become greatly impaired, and it had insufficient cash on hand to meet operating expenses, policyholders' loans, cash surrender claims, death claims, and other...

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