- 11 U.S.C.
Novak v. Drake (In re Drake)
Mar
30
2012
Ruling
Insurance annuity that was a structured settlement rather than spendthrift trust was property of the estate.
Procedural posture
Plaintiff chapter 7 trustee and defendant debtor filed motions for summary judgment in the trustee's action, which sought pursuant to 11 U.S.C. § 542 and § 543 to recover for the benefit of the bankruptcy estate monthly payments due to the debtor as beneficiary under an annuity contract issued by defendant insurance company.
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Court
:
- 11 U.S.C.
In re Vazquez
Feb
23
2012
Ruling
Property held in debtor's self-settled trust was property of the estate and could be exempted.
Procedural posture
A chapter 7 debtor claimed legal title to and an exemption in certain real property. The Trustee objected on the ground that the property had been transferred to a trust.
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Court
:
- 11 U.S.C.
In re Ellis
Oct
27
2011
Ruling
Non-economic interests in LLC were property of the estate notwithstanding state law.
Procedural posture
After a Chapter 7 debtor sought exemption of his membership interest in a limited liability company (LLC), a creditor objected, arguing that the debtor failed to list the value of that interest. The debtor amended his schedules to reflect the value of his interest in the LLC as zero.
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Court
:
- 11 U.S.C.
In re Jokiel
Apr
21
2011
Ruling
Executive retirement plan that was not an ERISA qualified plan and not intended in good faith to qualify under the Internal Revenue Code was property of the estate.
Procedural posture
Debtor filed a petition under chapter 7 and claimed that money he had in an executive retirement plan was not part of his bankruptcy estate under 11 U.S.C.S. § 541(c)(2) because the plan was subject to a valid anti-alienation clause, and was exempt under 735 ILCS 5/12-1006 from creditors' claims. The debtor's former employer filed an objection to the claim, and the bankruptcy trustee joined that objection.
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Court
:
- 11 U.S.C.
In re Quaid
Jan
26
2011
Ruling
Amounts transferred by debtor from bank account held by the entireties with spouse to trust was property of the estate.
Procedural posture
Debtor filed a petition under chapter 7 and claimed that his interest in a trust was exempt from creditors' claims, pursuant to 11 U.S.C.S. § 541(c)(2). Several creditors filed an objection to the debtor's claim.
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Court
:
- 11 U.S.C.
Malloy v. Morrison (In re Morrison)
Nov
16
2010
Ruling
Trust was not a valid spendthrift trust and was property of the estate where debtor beneficiary could obtain funds on demand.
Procedural posture
Chapter 7 trustee filed this adversary proceeding against defendant debtors claiming trust funds in a certain trust ("the Trust") as property of the estate. Debtors answered, claiming that the spendthrift provisions contained in the Trust removed the trust funds from the bankruptcy estate, thus placing them outside of the trustee's grasp.
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Court
:
- 11 U.S.C.
In re Spector
Oct
26
2010
Ruling
Valid spendthrift trust was excluded from debtor's estate.
Procedural posture
A Chapter 7 trustee objected to a debtor's claim of an exemption. The debtor argued that her interest in a deferred payment gift annuity agreement was excluded from her bankruptcy estate under 11 U.S.C.S. § 541(c)(2). The trustee objected to the exemption.
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Court
:
- 11 U.S.C.
In re Massillon
Mar
10
2010
Ruling
Debtor spouse's distributions from spendthrift trust were not excluded from estate.
Procedural posture
The chapter 7 trustee filed an objection to the debtor wife's claim of exemption as to her interest, valued at approximately $ 62,000, in a testamentary spendthrift trust governed by New York law. At issue was whether 11 U.S.C.S. § 541(c)(2), excluded her rights to distributions from the bankruptcy estate, rendering them exempt under 11 U.S.C.S. § 522(d)(5), whether the exemption was limited.
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Court
:
- 11 U.S.C.
LaMonica v. North of England Protecting and Indemnity Assoc. (In re Probulk Inc.)
Jul
07
2009
Ruling
Insurer's termination of debtor's policies pursuant to "cesser clause" was ineffective.
Procedural posture
Chapter 7 trustee brought an action against insurers. He filed an emergency motion seeking a temporary restraining order to prevent insurers who had provided coverage for debtors' vessels from canceling outstanding insurance or, to the extent necessary, to require them to restore coverage. The trustee was granted relief. The trustee thereafter filed an adversary proceeding. The trustee sought a preliminary injunction.
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Court
:
- 11 U.S.C.
In re Lunkes
Jul
02
2009
Ruling
Debtor could not claim exemption in trust that was not a spendthrift trust according to its language.
Procedural posture
Before the court was the objection of the chapter 7 trustee to an exemption claimed by debtor in his interest in a trust.
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Court
: