Illegal conveyance3/28/2023 ![]() ![]() The law regarding fraudulent transfers and conveyances is complex, and there are a countless number of factual scenarios which might be considered fraudulent transfers. In some fraudulent transfer cases, a creditor may even be able to collect the money it is owed from the person or entity to whom the creditor transferred the asset. ![]() Where, however, a creditor can prove that a transfer was "fraudulent" under Tennessee law, the creditor may well be able to set aside the transfer, and to collect against the transferred asset. Not every transfer of an asset by a debtor who knows that it owes a creditor or creditors is a fraudulent transfer. A "fraudulent transfer" can even result from a situation where the debtor does not transfer an asset, but where it grants a lien on the assets of the debtor to a particular creditor.įraudulent transfer law, which is embodied in Tennessee law in the "Uniform Fraudulent Transfer Act," is designed to help creditors collect lawful debts by providing remedies to creditors whose collection has been hindered by debtors who have transferred assets. A "fraudulent transfer" of an asset by someone in debt (a debtor) is a transfer that the law will set aside or void because it would be unfair to other creditors if that transfer was allowed to stand. Sometimes, parties who owe money, who have a judgment against them, or who know that a judgment against them is not far off, try to dispose of or to transfer assets that they want to shield from the reach of the impending collection efforts of their creditors. What is a Fraudulent Rransfer (Sometimes Referred to as a Fraudulent Conveyance)? ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |