A recent Supreme Court ruling means that all prior lower court decisions addressing the mental state requirement for defalcation have little or no precedential value.
Thomas M. ByrneSection 523(a)(4) of the Bankruptcy Code excepts from discharge debts “for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny ' .”
Bullock v. BankChampaign, N.A., 133 S. Ct. 1754 (May 13, 2013), at last resolves the long-standing uncertainty over the meaning of “defalcation.”
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