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IN RE ULY-PAK, INC.

Bankruptcy No. BK 89-40188, Adv. No. 89-0071.

101 B.R. 551 (1989)

In re ULY-PAK, INC., Debtor. ULY-PAK, INC., Plaintiff, v. CONSOLIDATED INSURANCE AGENCY, INC. and The Bank of Carbondale, Defendants.

United States Bankruptcy Court, S.D. Illinois.

June 21, 1989.

Attorney(s) appearing for the Case

Terry Sharp, Mt. Vernon, Ill., for plaintiff/debtor.

P. Michael Kimmel, Carbondale, Ill., for defendant Consol. Ins. Agency, Inc.

MEMORANDUM AND ORDER

KENNETH J. MEYERS, Bankruptcy Judge.

It is common practice when a business is faced with significant insurance premiums for the business to borrow money to finance the premium payments. Since premium payments are almost always made in advance for insurance coverage, there remains until the end of the policy period a portion of the insurance premium which the insurance company has not yet earned. This part of the premiums is referred...

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