In Bullok v Bankchampaign NA, the US Supreme Court clarified the term “defalcation” as that term is used in 11 USC 523(a)(4) which provides that a debt is not discharged “for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny.” Resolving a conflict among the Circuit Courts, the Bullock Court held that the…

