(7th Cir. July 26, 2016)
The Seventh Circuit interprets a Wisconsin exemption statute applicable to annuity contracts. The statute provides that such a contract is exempt from assets available to creditors so long as it “complies with the provisions of the internal revenue code.” The trustee argued for a narrow interpretation of this language, while the Court ultimately agrees with the broader interpretation of the statute employed by Wisconsin bankruptcy courts. Opinion below.
Attorney for Debtors: Dewitt Ross & Stevens S.C., Craig E. Stevenson
Attorney for Trustee: Ruder Ware, Steven Martin Anderson
Author: Matt Lindblom