Tag Archives: Trust

Landmark or mirage (access required)

Russell A. Willis III, J.D., LL.M. The author questions the viability of the 2010 decision of the North Carolina appeals court in Brown Bros. Harriman Trust Co. v. Benson as precedent on the question whether a statute abrogating the rule ...

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Bankruptcy – Exemptions – Life Insurance – Beneficiary – Trust – Payment to Unsecured Creditors (access required)

In re Foster Where the beneficiary of the debtors’ life insurance policies is a trust, and where the trust authorizes payments to the unsecured creditors of the debtor-decedent - creditors who would otherwise have been barred from accessing such funds by the protection offered under N.C. Const. art. X, § 5 - such a trust is not for the “sole use and benefit” of the debtor’s spouse and children, as contemplated by art. X, § 5. The court sustains the trustee’s objection to exemptions claimed in the debtors’ life insurance policies.

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