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Turnover Actions And The “Floating Check” Controversy, David R. Hague
Turnover Actions And The “Floating Check” Controversy, David R. Hague
Faculty Articles
When a debtor files for Chapter 7 bankruptcy, a Chapter 7 trustee is appointed and is charged with collecting and reducing to money the property of the bankruptcy estate. One of the most basic collection methods a trustee possesses is its turnover power under § 542(a) of the Bankruptcy Code. Pursuant to § 542(a), an entity in possession, custody, or control, during the bankruptcy case, of property that the trustee may use, sell, or lease, must deliver to the trustee, and account for, such property or the value of such property.
An interesting issue has arisen that is placing debtors …
California Dreaming: The California Secure Choice Retirement Savings Trust Act, Edward A. Zelinsky
California Dreaming: The California Secure Choice Retirement Savings Trust Act, Edward A. Zelinsky
Faculty Articles
Half of American workers are not covered by employer-sponsored retirement arrangements. The recently passed California Secure Choice Retirement Savings Trust Act seeks to solve this problem by mandating retirement savings arrangements for California employers, coupled with a public investment vehicle for investing these private retirement savings. The Act is important because of California’s size and status as a trendsetter for other states.
This Article is the first to examine the important legal questions the Act raises under the Internal Revenue Code and ERISA. Contrary to the drafters’ intent, the savings accounts authorized under the Act do not qualify as individual …