v1999-941

Page 9

are entitled to have their claims allowed and divi-

dends paid.

The referee entered its Order approving such claims

in accordance with the findings to which the trustee

file objections.

Upon review the District Court of the United

States for Western Washington, Northern Division,

entered its Order approving and confirming the

Order of the referee in all respects.

ARGUMENT OF THE CASE

The ARGUMENT of the appellees will be divided

into two parts involving the following propositions

of law:

UNDER ARTICLE XV OF THE BY-LAWS, THE

CREDIT RESERVE FUND V/AS A GUARANTEE

OF THE ACCOUNT OF EVERY MEMBER

STOCKHOLDER AND WAS RETURNABLE TO

EACH MEMBER STOCKHOLDER WITH INTER-

EST WHEN SUCH STOCKHOLDER CEASED TO

BE A MEMBER LESS A PRO RATA PERCENT-

AGE OF LOSS SUSTAINED BY THE ASSOCIA-

TION ON ACCOUNT OF CREDIT EXTENDED

TO THE MEMBERS AND THAT SUCH CREDIT

---

archive.org Volume Name: govuscourtsca9briefs1999

Volume: http://archive.org/stream/govuscourtsca9briefs1999

Document Link: http://archive.org/stream/govuscourtsca9briefs1999#page/n940/mode/1up

Top Keywords (auto-generated):

credit, fund, reserve, losses, association, member, members, loss, laws, extended, bankrupt, corporation, sustained, section, article

Top Key Phrases (auto-generated):

credit reserve, reserve fund, credit extended, pro rata, loss sustained, losses sustained, article xv, reserve fund., losses arising, word losses, member shareholders, capital stock, serve fund, rata percentage, mem bers

Document Status: UGLY