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RCB Bank v. David Keith Olsen (In re Olsen)

Bankr. No.: 
98-10213
Adv. No.: 
98-1026
Chapter: 
7
Date of Decision: 
June 11, 1999
Issue: 
Whether Bank's claims against Debtor were non dischargeable where Debtor moved some collateral out of state without formally notifying the Bank, where a corporate financial statement was incomplete, and where some collateral was turned over to Debtor's father in repayment of loans from him?
Ruling: 
The Bank did not meet its burden of proof under § 523(a)(2) regarding the Bank's reliance on the financial statement or regarding Debtor's fraudulent intent. Under § 523(a)(4), the Bank was unable to show that Debtor was the Bank's fiduciary.
Full Bankruptcy Court Decision: