Legally (depending on jurisdiction), it's barely "money."
The notion that he had any legal rights is a bit vacant. Morally, I think "spreading the risk you've brought upon yourself to your creditors without their knowledge or consent" is generally considered a financial dick move though. ;)
The notion that he had any legal rights is a bit vacant. Morally, I think "spreading the risk you've brought upon yourself to your creditors without their knowledge or consent" is generally considered a financial dick move though. ;)