In Re Edwards

Upon consideration of the referee’s certificate on review and the entire record of this proceeding, together with the arguments and memoranda of respective counsel, the findings of fact, conclusions of law and order of the referee dated June 2, 1941, are and each is hereby confirmed, and the findings of fact and conclusions of law of the referee in bankruptcy are hereby adopted and made the findings of fact and conclusions of law of this court.

In amplification of the foregoing order and decision, it appears to the court that the only debatable question in this review is the proper date at which the debtor should be held to have been released from obligation under the plan which he proposed pursuant to the Bankruptcy Act, 11 U-S.C.A. § 1 et scq. The Fifth Circuit Court of Appeals in McKeever v. Local Finance Co., 80 F.2d 449 , at page 452, stated “an arrangement entered into binding a debtor’s future earnings, beyond the time of his willingness to have them applied, is contrary to the spirit and the letter of the bankruptcy law. Such an arrangement does not promote, it defeats, the purposes for which section 74 and the other bankruptcy statutes were enacted.”

A review of the…