In re Green

115 B.R. 1001 (1990)

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In re Green

United States Bankruptcy Court for the Western District of Missouri
115 B.R. 1001 (1990)

  • Written by Rose VanHofwegen, JD

Facts

Howard and Verla Green (debtors) borrowed $45,000 from United Savings and Loan Association (creditor) in 1988. To secure the loan, the Greens executed agreements purporting to give United Savings a security interest in Howard’s profit-sharing account with Wal-Mart, where he worked for 16 years, and signed forms designating United Savings as alternative plan beneficiary. Wal-Mart’s profit-sharing plan qualified as nontaxable under § 401(a) of the Internal Revenue Code, making it subject to the Employee Retirement Income Security Act of 1974 (ERISA). When the Greens filed for bankruptcy the following year, Howard’s account balance had reached about $100,000. United Savings brought an adversary proceeding against Wal-Mart to attach Howard’s account. Wal-Mart and the Greens countered that the ERISA’s anti-alienation rules made Howard’s account nonattachable.

Rule of Law

Issue

Holding and Reasoning (Federman, J.)

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