In re Mulkins & Crawford Electric Co.
Opinion
lead Opinion
Byrne, J.
The trustee has filed a petition for the review of an order made by the referee in which certain building and loan shares were held exempt to the bankrupt Glen K. Crawford. . .
In his schedules the bankrupt Crawford listed as an asset certain shares in Huntington Park First Savings and Loan Association of 'the.value of $1,000, which he claimed as exempt under § 690.21 of the California Code of Civil Procedure. *147 The trustee refused to' set the shares apart’ as exempt; upon’the'ground that they were “accumulative shares and not shares of stock of that character to which exemption can be allowed”. After a hearing on the bankrupt Crawford’s exceptions to the trustee’s report, the referee held that the shares are “shares of stock in a building and loan association”, hence exempt under § 690.21 of the Code of Civil Procedure.
Section 690.21 exempts from execution and attachment (consequently allowed in bankruptcy, 11 U.S.C.A. § 24 ), “Shares of stock in any building and loan association .to the value of one thousand dollars.” The sole issue for determination is whether the sharés • in question are “shares of stock in a building and loan association”.