Wednesday, December 14, 2005

Musician-debtors about to lose their instruments in latest chapter of the Audubon Quartet case

For several years, the Roanoke paper has described the dispute among the members of a string quartet, which appears to be reaching its conclusion, as one of them is about to collect on his judgment against two of the others by taking their instruments, as part of their bankruptcy cases. As the Roanoke paper reports here, the "tools of the trade" exemptions to which the debtors are entitled under Virginia law are not nearly enough to cover their valuable instruments. Once their estates are liquidated and the proceeds paid over to the creditors, I suppose the remainder of the debt is discharged, unless I am misreading what the paper has reported.

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