On June 12, 2014, the United States Supreme Court unanimously ruled that Inherited IRAs are not exempt in bankruptcy.
The United States Supreme Court, in the case of Clark v. Rameker, ruled that Inherited IRAs enjoy no special protection in bankruptcy, unlike IRAs created and funded by the debtor. Even though the Bankruptcy Code exempts qualified retirement plans, IRAs and similar "retirement funds," the Court decided that this bankruptcy exemption for retirement funds does not extend to an Inherited IRA.
The Tenth Circuit recently analyzed the interplay between sections 523(a)(5) and 523(a)(15) of the Bankruptcy Code in connection with a judgment obtained by a former husband for overpayment of his spousal support obligations. Eloisa Taylor, the debtor in In re Taylor, 2013 WL 6404952 (10th Cir.
A recent unpublished decision, Strunck v. Figueroa, serves as a not-so-gentle reminder that sometimes an enforcement application can be “too little, too late,” and that it is imperative to be proactive to protect your rights under a divorce decree or agreement, especially when your adversary acts in bad faith. In Strunck, a 2011 divorce decree awarded the plaintiff $23,369, which was to be transferred from the defendant’s retirement account. Before the plaintiff could act to collect the $23,369, however, the defendant withdrew the money from the retirement account.
(Although it is not typically our practice to analyze personal bankruptcy cases if the issues do not also arise in corporate bankruptcy practice, we report on the decision discussed below because it involves the intersection of bankruptcy law and a particularly topical issue – same-sex marriages and domestic partnerships.)
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.
In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.
Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.
Good evening.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 13, 2021.
Reversing a bankruptcy court order in favor of the debtor, the U.S. District Court for the District of Maryland recently held that a bank that had allowed amounts to be withdrawn from a home equity credit line after the HELOC had been frozen could still recover those amounts from the debtor.
A copy of the opinion is available at: Link to Opinion.
APPLICATIONS FOR LEAVE TO APPEAL DISMISSED
37268
Joseph Palazzo v. Standard Life Assurance Company of Canada
(Que.)
Civil Procedure – Appeal – Prescription
The Applicant was an employee of the Respondent from 1968 to 2009. In 1980, the Applicant began selling life insurance and investment products of the Respondent until his retirement on May 1, 2009. During his employment as a sales representative, the Applicant was paid on a commission basis only.
37026 Steven Paul Boone v. Her Majesty the Queen
(Ont.)
Criminal law – Offences – Elements of offence