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The Federal Priority Act: How ‘secure’ is a secured creditor if the debtor is subject to a federal claim or investigation?

Claire Schenk October 10, 2018
two arms carving up piles of money - one is Uncle Sam

Under the Federal Priority Act, the government gets paid first if it has an outstanding claim when businesses or individuals become insolvent. But a review of relevant case law suggests that creditors who hold a prior perfected interest in a debtor’s real or personal property may still have a fighting chance in an ensuing priority battle. READ MORE

Debtor-trustees can run but they can’t hide behind the Fifth Amendment

February 2, 2015

Judgment debtors often try to use the Fifth Amendment’s privilege against self-incrimination to avoid post-judgment discovery of their assets and income. However, the U.S. District Court for the Eastern District of Missouri ruled last year that when the judgment debtor is a trust, neither the trust nor its individual trustees may invoke the privilege against self-incrimination, and the trust must comply with post-judgment discovery. The decision is important for banks and other creditors because individuals often hold their assets in trusts. READ MORE