In re Daley, No. 12-6130, 2013 U.S. App. LEXIS 12138 (6th Cir. Jun. 17, 2013)

(IRA qualified for exemption from debtor’s bankruptcy estate under 11 U.S.C. §522(b)(3); trustee objected on basis that debtor had executed boilerplate lien provision in client services agreement which was required as condition of opening IRA account and pledging IRA as security for future debts constituted extension of credit that caused IRA to no longer be exempt; facts revealed, however, that debtor did not open any other account with or incurred any debt to firm so lien would not amount to anything; trustee’s position also contrary to presumption of exemption for IRAs). 

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter