Summary:
The Supreme Court ruled that “defalcation” as used in 11 U.S.C. § 523(a)(4) requires a culpable state of mind, involving knowledge of, or gross recklessness in respect to, the improper nature of the fiduciary behavior.
For a copy of the opinion, please see:
Bullock v. Bank Champagne- Defalcation.pdf
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