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Home / Opinion Digests / Bankruptcy – Dischargeability Of Debt – Fiduciary ‘Defalcation’ – Equipment Dealer – Ch. 7 (access required)

Bankruptcy – Dischargeability Of Debt – Fiduciary ‘Defalcation’ – Equipment Dealer – Ch. 7 (access required)

Debtor, a president of an equipment dealership, cannot discharge an unsecured judgment of $124,000 arising from his personal guarantee of the dealership’s debt to Kubota Tractor company, because this debt arose from debtor’s “defalcation,” or nonfraudulent default, while acting in a fiduciary capacity, the 4th Circuit holds; the lower court decision allowing the discharge is ...

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