In their stipulated facts, the parties acknowledged that the Bank is the custodian of the four IRA accounts and that each account is represented by a certificate of deposit. The certificate for account no. The certificate for account no. Each certificate states that the funds are payable to the depositor upon surrender on or after the maturity date. Each certificate has an automatic renewal provision.
Interest is to be paid semi-annually with the interest added back to the principal.
Each certificate also states that withdrawals before maturity are subject to the Bank's consent. In his brief, Trustee Lovald argued that these four accounts are not excluded from the estate under any non bankruptcy law. He stated no state law existed when Debtor filed that would exclude the accounts. These requirements include a limit on the amount that a person may contribute annually to such an account, that the bank serves as the trustee and administers the trust consistent with 408, that the funds are not invested in a life insurance contract, that the depositor's interest in the balance of the account is nonforfeitable, that the assets are not improperly commingled, and that regulations proscribed by the Secretary of the Treasury are followed. Either state law or nonbankruptcy federal law can supply the necessary enforceable restriction on transfer.