Central Bank v. Hickey

This appeal requires us to decide whether No. 92-215 of the 1992 Public Acts (P.A. 92-215),1 which *780extends to individual retirement accounts (IRAs) the exemption from attachment and execution established by § 3 of No. 91-239 of the 1991 Public Acts (P.A. 91-239),2 exempts certain IRAs owned by the named defendant, Bernard J. Hickey (defendant), from the claims of the substitute plaintiff, Federal Deposit Insurance Corporation (plaintiff). The plaintiffs predecessor in interest, Central Bank, commenced this action seeking damages for the defendant’s default on a promissory note and,…