LEVIN, SUBSTITUTE RECEIVER OF MONUMENTAL CITY SAVINGS & LOAN ASSOCIATION, INC. v. SECURITY FINANCIAL INS. CORP.

[No. 347, September Term, 1966.]

246 Md. 712 (1967)

230 A.2d 93

LEVIN, SUBSTITUTE RECEIVER OF MONUMENTAL CITY SAVINGS & LOAN ASSOCIATION, INC., ET AL. v. SECURITY FINANCIAL INSURANCE CORPORATION, ET AL.

Court of Appeals of Maryland.

Decided June 1, 1967.


Attorney(s) appearing for the Case

Irving F. Cohn, with whom were Eugene A. Alexander, III and Julius A. Victor, Jr. on the brief, for appellants.

Peter Parker, with whom was William D. MacMillan on the brief, for appellee John H. Coppage, Receiver of Security Financial Insurance Corporation; Thomas H. Hedrick, with whom was Charles W. Woodward, Jr. on the brief, for appellee Charles W. Woodward, Jr., Successor Receiver of Military Service Savings and Loan Association; no brief filed for appellee First Guarantee Savings and Loan Association, Inc.

The cause was argued before HAMMOND, C.J., and HORNEY, MARBURY, BARNES and McWILLIAMS, JJ.


BARNES, J., delivered the opinion of the Court.

This case calls upon us to determine whether certain funds in the hands of the receiver of an insolvent insurer, Security Financial Insurance Corporation (SFIC), are subject to the claims of all receivers representing the creditors of insolvent savings and loan associations or are required to be repaid to the receivers of those associations which originally had transferred the funds to the insurance company. SFIC insured...

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