If a divorced man fails to remove his ex-wife as a beneficiary of his 401(k) plan, does she get the proceeds, despite the fact that she may have waived those rights in divorce?
And if she gets the proceeds by virtue of the operation of the plan, can the estate sue her to recover those proceeds?
It’s sad when family members turn against each other over financial matters. Sad, but not rare - especially when it comes to bickering over the fortunes of celebrity super-stars.
Luckily for Whitney Houston, the Third Circuit Court of Appeals recently held that her father wasn’t “saving all [his money]” for his widow’s house.
Wife in the Wife-Husband Owned Defunct Corporation Not Secondarily Liable Under the PACA
Bear Mountain Orchards, Inc. v. Mich-Kim, Inc., 09-2041, involved plaintiffs' suit against an officer of a now defunct wholesale produce dealer, claiming that the officer is individually liable to them under the Perishable Agricultural Commodities Act (PACA) for money owed by the corporation. In affirming the district court's holding that the individual was not secondarily liable, regardless of her title, to trust creditors, the court held that the officer is not individually liable for breaching the corporation's fiduciary duties to the PACA trust because she did not have the actual ability to control its trust assets.
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