Fraudulent Conveyance

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Fraudulent Conveyance

The transfer of property to another party in order to defraud a creditor. For example, if a person owes the bank for a loan for $15,000, the person may give or sell $15,000 worth of property to a relative, often while still maintaining use of the property, in order to prevent the bank from being repaid. Legally, fraudulent conveyance requires the intention to defraud a creditor.
References in periodicals archive ?
In order to prevail under Florida's fraudulent transfer statute, a creditor must establish that the "transfer" involved an "asset.
In that case, the Tax Court held, and the Fourth Circuit affirmed, that the IRS had failed to prove an independent substantive basis for liability for the taxpayers under the applicable North Carolina fraudulent transfer law.
Finally, be aware that transfers received from a debtor prepetition may be avoided and recovered, or "clawed back," by trustees as preferences or fraudulent transfers.
This would substantially ameliorate many of the problems with the current fraudulent transfer law (FTL) regime.
4 million verdict, if upheld on appeal, would be the largest fraudulent transfer jury verdict in Arkansas history.
The Supreme Court in Connecticut has been asked to throw out an action by Nama over the allegedly fraudulent transfer of half a share in a Geneva apartment to Dunne's missus Gayle Killilea.
ISLAMABAD, February 09, 2011 (Balochistan Times): The Pakistan Telecommunication Authority (PTA) has approved technical guidelines that will be helpful to stop fraudulent transfer of money and credit balance of consumers as over 40 per cent consumer complaints pertain to misuse of service and fake prize scams.
The bench, however, pointed out that the ED certainly knew how much money it was investigating in various scams of fraudulent transfer of money to Swiss banks.
Even where there is no liability under the various business organization acts, a creditor of the entity might be able to set aside the distribution as a fraudulent transfer under the Uniform Fraudulent Transfer Act.
Fraudulent transfers allow a similar avoidance of transfers on or within two years of the filing of the petition under federal law for longer under state fraudulent transfer laws) if either: