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552

Setoff Rights of the IRS Prevail over a Debtor’s Attempt to Exempt a Tax Refund

Fourth Circuit answered a question of first impression where the lower courts disagreed.
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First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens

Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.
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