Fraudulent Transfer Act
Act allowing a creditor to sue a debtor who intended to defraud a creditor by transferring property to another person without receiving reasonably equivalent value in return. In other words, if a business does not pay off its debts before selling its assets, the creditors of the business can void the transfer or get a judgment against the new owner of the assets and seize them to pay the debts. Most states have adopted this Act or an older version of it.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Business, LLCs & Corporations → Buying or Selling a Business
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Uniform Fraudulent Transfer Act — (UFTA) USA A model Act adopted in 1984 to replace the Uniform Fraudulent Conveyance Act (UFCA). The UFTA has been enacted in 44 jurisdictions, including Delaware. While there are certain differences, both the UFTA and the UFCA share the same… …   Law dictionary

  • Uniform Fraudulent Conveyance Act — (UFCA) USA A model Act adopted in 1918 to codify and bring uniformity to the common law of fraudulent conveyance. In many states it has been repealed and replaced with the Uniform Fraudulent Transfer Act (UFTA). The U …   Law dictionary

  • Fraudulent conveyance — A fraudulent conveyance, also fraudulent transfer is a civil cause of action. It arises in debtor/creditor relations, particularly with reference to insolvent debtors. The cause of action is typically brought by creditors or by bankruptcy… …   Wikipedia

  • fraudulent — fraud·u·lent adj: characterized by, based on, or done by fraud compare deceptive, false, misleading fraud·u·lent·ly adv Merriam Webster’s Dictionary of Law. M …   Law dictionary

  • fraudulent conveyance — A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach. Dean v. Davis, 242 U.S. 438, 37 S.Ct. 130, 61 L.Ed. 419. Conveyance made with intent to avoid… …   Black's law dictionary

  • fraudulent conveyance — A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach. Dean v. Davis, 242 U.S. 438, 37 S.Ct. 130, 61 L.Ed. 419. Conveyance made with intent to avoid… …   Black's law dictionary

  • fraudulent preference — Giving a creditor an undue advantage over other creditors in securing his agreement to a composition. 15 Am J2d Comp Cred § 8. The act of a debtor in preferring one of his creditors by making payment to him with intent thereby to hinder, delay,… …   Ballentine's law dictionary

  • fraudulent conveyance — The transfer of property to another person with the aim of putting it beyond the reach of creditors. For example, if a man transfers his house into the name of his wife because he realizes that his business is about to become insolvent, the… …   Accounting dictionary

  • fraudulent conveyance — The transfer of property to another person with the aim of putting it beyond the reach of creditors. For example, if a man transfers his house into the name of his wife because he realizes that his business is about to become insolvent, the… …   Big dictionary of business and management

  • fraudulent alienation — In a general sense, the transfer of property with an intent to defraud creditors, lienors, or others. In a particular sense, the act of an administrator who wastes the assets of the estate by giving them away or selling at a gross undervalue …   Black's law dictionary

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