Posted 9/9/2013 12:00 am
Updated 12 months ago
Did you know the trustee representing the family of the late Layton “Scooter” Stuart filed an emergency petition in federal court?
Richard Torti, trustee of the Stuart Family 1997 Trust, requested the release of $1.5 million seized by the government in its forfeiture action against the former chairman, president and CEO of One Bank & Trust.
Torti argues that the nearly $17.7 million seized by the government exceeds its financial claims against Stuart by at least $4 million. The lion’s share of that money is from a life insurance policy on Stuart, who died March 26.
“The trustee is in desperate need of an immediate release of some portion of the death benefits to the trust to provide necessary support for the beneficiaries and to pay the trust’s administrative expenses,” Torti stated in the petition.
Stuart’s wife, Tommye, and two adult children, Hunter and Kirby, are the beneficiaries of the trust, which has no assets other than its claim to the death benefits.
The government wouldn’t have had much to seize if Stuart didn’t personally pay to keep the policy in force after the bank stopped paying the premiums following his forced exodus in September.
His family wouldn’t have had much either.
“The beneficiaries are dependent on the death benefits for their survival,” Torti said in the petition. “They have no other financial resources and no other source of continuing income. Without the death benefits, they lack the ability to pay for food, medication, housing, clothing, transportation, insurance and other basic necessities.”
According to the petition, the family’s grand 12,350-SF home in the gated Hickory Creek neighborhood will be given to One Bank in lieu of foreclosure before Christmas. The bank holds a delinquent mortgage of at least $1.5 million on the west Little Rock property.
Several sources close to the family tell us that Tommye Stuart thought the house was debt-free.