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Bank and Trust Company (Prudential Bank),7 which consisted of
one IRA CD for the same amount.
In 1990, Mrs. Quinn cashed in a Prudential Insurance
annuity, receiving $2,411.71. In December of 1991, Mrs. Quinn
received a partial distribution in the amount of $2,500 from the
ABA Members Retirement Program. Prudential Bank issued a
distribution of $2,250 from Mrs. Quinn's IRA CD on May 26, 1992.
During 1993, Mrs. Quinn received distributions totaling $1,350
from the Prudential Bank IRA, CD. During 1993, she also received
$37,527, in distribution of all of the funds in one of her
employer plans; that fund had earlier been in another such
employer plan.
On March 30, 1993, the Quinns had a total of $106,014.48 in
bank accounts (mostly savings), Keogh plans, and IRA's and
$30,566.86 in various Government savings bonds. The IRA
accounts, which belonged to Mrs. Quinn, totaled $85,314.81. The
bank account funds, with the exception of $1,433.62 held jointly
by Mrs. Quinn and Mr. Quinn, were held by Mrs. Quinn alone or by
Mrs. Quinn and one or the other of their daughters. The savings
bonds were held jointly by Mrs. Quinn and one of her daughters
or grandchildren, and were purchased, or rolled over from
purchases, in the 1970's. Over 40 years of financial records
7The Prudential Bank and Trust Company later became known as
The Prudential Savings Bank or The Prudential Bank. We will use
the term “Prudential Bank” to refer to this banking institution
throughout this opinion, regardless of its full name at the time
being discussed.
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