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The Bankruptcy Hotline
Fraud Claim under Settlement Agreement Is Non-dischargeable
The U.S. Supreme Court has resolved a circuit split by ruling that where a settlement agreement releases an underlying fraud claim in exchange for a promissory note, the note does not act as a novation that creates a new debt. Therefore, the underlying fraud claim may still be applied to the promissory note, thus rendering it a non-dischargeable debt under '523(a)(2)(A) of the Bankruptcy Code. Archer v. Warner, No. 01-1418 (March 31).
Ruling that the promissory note signed by the debtors served as a novation replacing an original potential debt for money obtained by fraud with a new debt, the Fourth Circuit held that the note was dischargeable because it was for money promised in a settlement contract and not obtained through fraud. On appeal, the Supreme Court reversed.
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