Terri Running v. Joseph Miller

GRUENDER, Circuit Judge.

Terri Running, a bankruptcy trustee, appeals from a decision of the Bankruptcy Appellate Panel (“BAP”) that affirmed the bankruptcy court’s 1 conclusion that an annuity owned by bankruptcy debtor Joseph Miller is exempt from the bankruptcy estate. We affirm.

The relevant facts are not in dispute. Miller purchased an annuity from Minnesota Life Insurance Company (“Minnesota Life”). Under the annuity contract, Miller agreed to make a lump-sum “Purchase Payment” of $267,319.48 to Minnesota Life. Miller used funds from his individual retirement account to make this payment.…