If the Self Directed IRA invested a Debenture contract for some time for a reasonable return on interest, the contract ended and the principle and interest is collected. The funds are still in the IRA account with the custodian but invested in something else. A receiver wants the profits to be paid back. I have few questions:

1. Is the IRA account a separate legal entity from myself? If a receiver asks for the profits to be paid back , will the IRA account have to pay it back or will I have to pay it from my other liquid assets?

2. legally, will the lawsuit be against the person or the IRA account, or both considered the same legal entity?

3. Can the False Profits be paid back from a liquid asset ( saving account for example:). My understanding is that just like premiums for Life settlements, the payments should be paid by the IRA. Is that correct?

4. Can the attorney defend the matter to be dismissed because the lawsuit should be against the IRA entity and not the person? Any explanation to clarify this situation will be great.
Thanks