- Gladwell v. Reinhart, Case No. 2:08-CV-00562-DAK (April 24, 2012), unpublished
- The Tenth Circuit Court of Appeals held that (i) the debtor's Keogh retirement plan was generally exempt under Utah state law because it substantially complied with the IRS tax requirements, (ii) the preferential contributions were not exempt and must be recovered, and (iii) the earnings from the preferential contributions must also be recovered.
- Procedural context:
- Chapter 7 trustee's Appeal to the Tenth Circuit Court of Appeals from District Court affirmance of the Bankruptcy Court's ruling, which exempted from the debtor's Chapter 7 bankruptcy estate most of the funds the debtor held in his retirement plan.
- The Debtor established a retirement plan using documents designed to comply with the IRC. Nevertheless, the debtor failed to operate the plan in accordance with its own terms and the law. About a decade later, the debtor filed for bankruptcy under Chapter 7 and sought to exempt from his estate pursuant to Utah state law, the funds from his retirement plan, including those funds transferred to the retirement plan within the year prior to filing for bankruptcy and the earnings therefrom.
- Kelly, Holloway, and Murphy.
In re: Leonard Nyamusevya, Sr.
Summarizing by Amir Shachmurove
3201 in the system
1 Being Processed