No. 32522 - Delmus Burge v. Kenneth Fortney and The Equitable Life Assurance
If a contractor adds inflated processing charges and thereby rips off a subcontractor, and then the contractor puts the money in his IRA account _ is the subcontractor barred from getting to the money, just because it is stashed it in an IRA?
I think that the due process, open courts/certain remedy, and takings clauses of the West Virginia Constitution protect the subcontractor's right to get the money back, whatever the Legislature may say. And I doubt that the Legislature intended to allow a debtor to hide money from legitimate creditors, by just putting that money in an account and calling it an IRA.
There are many, many kinds of bank accounts, certificates of deposit, etc. that one can call an IRA. It remains to be seen whether they can be used to avoid paying one's just debts. These issues are something that we may have to thrash out in the proper case.
Accordingly, I concur.