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MYERS V. MATLEY, 318 U. S. 622 (1943)

U.S. Supreme Court

Myers v. Matley, 318 U.S. 622 (1943)

18 U.S. 622


1. Under 70(a) of the Bankruptcy Act, originally and as amended in 1938, a homestead is exempt in bankruptcy if, under the state law, it was exempt from levy and sale when the petition in bankruptcy was filed. P. 318 U. S. 625.

2. White v. Stump, 266 U. S. 310, distinguished. P. 318 U. S. 625.

3. Historically, and under the theory of the present Act, bankruptcy has the force and effect of the levy of an execution for the benefit of creditors to insure an equitable distribution amongst them of the bankrupt's assets. The trustee is vested not only with the title 318 U.S. 623 of the bankrupt but clothed with the right of an execution creditor with a levy on the property which passes into the trustee's custody. P. 318 U. S. 627.

4. The law of Nevada entitles a debtor to his homestead exemption if the selection of the property and filing for record of the declaration of intention occur at any time before actual judicial sale. P. 318 U. S. 627.

130 F.2d 775 affirmed.

Certiorari, 317 U.S. 621, to review the affirmance of a judgment of the District Court, 47 F.Supp. 558, sustaining a claim of homestead exemption and overruling the referee's denial of the claim.

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