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Lenders May Foreclose a Deed of Trust Without Accelerating the Underlying Debt

Debt Acceleration Generally Commercial and residential loan documents typically give the lender the option of accelerating the debt following an event of default.  In other words, if the borrower fails to pay, or if some other event of default occurs, and that default continues uncured for a specified amount of time, then the lender may declare the entire loan balance … Continue reading »

U.S. Supreme Court Rules Inherited IRAs Are Not Exempt From Bankruptcy

The U.S. Supreme Court recently ruled that inherited individual retirement accounts (IRAs) are not exempt assets for bankruptcy purposes, and thus can be used to satisfy the claims of bankruptcy creditors.  In Clark v. Rameker, the debtor had inherited an IRA from her deceased mother.  When the debtor and her husband filed for bankruptcy nine years later, they identified the IRA … Continue reading »

U.S. Supreme Court to Rule on Bankruptcy Protection for Inherited IRAs

The U.S. Supreme Court has granted certiorari of In re Clark, 714 F.3d 559 (7th Circuit 2013), and thus will apparently resolve a split among federal Circuit Courts of Appeals regarding whether a debtor’s inherited IRA is exempt from bankruptcy. Specifically, the issue is whether an inherited IRA qualifies as “retirement funds” under 11 U.S.C. § 522(b)(3)(C). In In re … Continue reading »

Enforcing Foreign Judgments in Washington State

Like most states, Washington has adopted the Uniform Enforcement of Foreign Judgments Act or UEFJA. The UEFJA permits a person or entity to enforce a judgment against a person or property located in Washington based on a judgement issued in another state. (For purposes of the UEFJA, judgments from another state are referred to as “foreign.”) The UEFJA is codified … Continue reading »