RES-GA Memorial, LLC v. Foah (In re Foah)
- Summarized by Aletheia Allen , New Mexico Court of Appeals
- 12 years 1 month ago
- Citation:
- RES-GA Mem'l, LLC v. Foah (In re Foah), VAP Case No. NM-12-019 (10th Cir. B.A.P. Dec. 3, 2012)
- Tag(s):
-
- Ruling:
- AFFIRMING the Bankruptcy Court's order granting summary judgment in the Debtor's favor, and holding that the New Mexico exemption statute does not require a life insurance policy's insured to be a resident of New Mexico, thereby recognizing two exemptions under the statute - one for a policy issued on the life of a New Mexico resident, and one for a policy entered into by an insurance company with a New Mexico resident, regardless of whether the policy holder is an insured under the policy.
- Procedural context:
- Appeal from the bankruptcy court for the District of New Mexico, granting the Debtor's Motion for Summary Judgment on Debtor's claim of exemption to the cash surrender value of a life insurance policy.
- Facts:
- Debtor acquired a life insurance policy on his parents, with Debtor as both owner and beneficiary, which policy provides for a death benefit on each named insured, payable upon the death of the second insured. Debtor claimed the cash surrender value for the policy as fully exempt, and the Creditor objected because the remaining living insured, Debtor's father, lived in Georgia. The sole issue on appeal is whether the New Mexico exemption statute requires the policy's insured to be a resident of New Mexico.
- Judge(s):
- Thurman, Chief Judge; Brown, Judge (author); and Somers, Judge.
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