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State Law Allows Corporate Officer to Discharge Liability for Fraud
The Ninth Circuit has ruled that although corporate directors and officers have some fiduciary duties, the relationship is not one of trust but of agency, and as a result their liability for corporate fraud is dischargeable under the Bankruptcy Code. Cal-Micro Inc. v. Cantrell (In re Cantrell), No. 01-17358 (May 28).
A default judgment was entered against a corporate officer who was sued for using corporate assets for his own personal benefit. The former officer then filed a Chapter 7 Bankruptcy and sought to discharge the $1.3 million debt, which the company claimed was non-dischargeable under Section 523(a)(4).
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