The district court characterized the agreement not as creating a trust but as a device designed to win priority over a prior, perfected security interest.
The Fourth Circuit sides with the Third on the Affordable Care Act’s ‘individual mandate.’ Majority says it was a tax measured by income, thus giving the IRS a priority tax claim.
Even after the statute of limitations has run, a trustee may be substituted for the debtor as the real party in interest, Michigan district judge says.
