In the most recent Supreme Court decision issued on bankruptcy, Bullock v. BankChampaign, N.A., No. 11-1518, slip op. (May 13, 2013), the High Court finally defined “defalcation” as that term is used in section 523(a)(4) of the Bankruptcy Code. That provision excepts debts from discharge where the debts arise from “fraud or defalcation while acting in a fiduciary capacity, embezzlement or larceny.” 11 U.S.C. § 523(a)(4).
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