Congratulations Colli!
Monday, October 20th, 2003Colli found out she won her GREAT BIG 8TH CIRCUIT CASE today!
(18k pdf): We recognize that four of our sister circuits have reached a contrary result that may be more consistent with the purposes of § 522 and with their resolution of the “similar plan or contract” issue. We are constrained, however, by our precedent, and by our conclusion that these accounts are readily accessible savings accounts of which the debtors may easily avail themselves (albeit with some discouraging tax consequences) at any time for any purpose.
III.
Faithful application of our circuit’s binding precedent requires us to hold that the debtors’ IRAs do not qualify for exemption under § 522(d)(10)(E). Accordingly, the judgment of the Bankruptcy Appellate Panel is affirmed.
Next stop, Ninth Circuit (or something).