The Supreme Court yesterday heard oral argument in Bullock v. BankChampaign, N.A. (click here for the transcript). The Court granted certiorari to resolve a Circuit conflict as to what degree of misconduct by a trustee of a trust fund constitutes “defalcation while acting in a fiduciary capacity” within the meaning of the nondischargeability provision of section 523(a)(4) of the Bankruptcy Code. Click here to read a full summary of the case. For more information related to Bullock v. BankChampaign, N.A., please click here.
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