Fraudulent Transfers Remedy Under Proceedings Supplementary

May 22, 2020 / Fraudulent Transfers

Collection of money judgments is conducted through proceedings supplementary under Florida Statute 56.29. The proceedings supplementary statutes include procedures to remedy the debtor’s fraudulent transfers of personal property.  (56.29 (3). Fraudulent transfers are also addressed under a separate statute, Section 726.105. Section 726.110 imposes a four year statute of limitations on fraudulent transfer actions brought …

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Non-Debtor Spouse May Be Liable For Fraudulent Transfer To Entireties Account

May 22, 2020 / Bankruptcy, Fraudulent Transfers

I’ve warned many clients against making fraudulent transfers of money to their non-debtor spouse or to tenants by entireties with their spouse. A creditor may get a general money judgment against the non-debtor spouse for the value of assets transferred. The transfer to the spouse risks making the spouse a new defendant in the creditor’s …

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Is Transfer of Money To Foreign Bank Account A Fraudulent Transfer?

July 25, 2020 / Fraudulent Transfers

A client asked me if transferring money to an offshore bank account after a creditor filed a collection lawsuit is a fraudulent transfer. Not all actions to protect assets from known creditors fall withing the scope of the fraudulent transfer statues. To the point, moving the location of an asset is not the same as …

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Money Damages Against Recipient of Fraudulent Transfer

May 22, 2020 / Fraudulent Transfers

Florida law limits creditor remedies for fraudulent transfers. A court may reverse a transfer but it may not impose additional damages against a debtor simply because the debtor transferred property to avoid the judgment. The law does not prohibit damages against a transferee who is not the debtor. The recipient of a fraudulent conveyance is …

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Judgment Against Intermediary of Fraudulent Transfer

May 22, 2020 / Fraudulent Transfers

Florida law limits creditor remedies for fraudulent transfers. A court may reverse a transfer but it may not impose additional damages against a debtor simply because the debtor transferred property to avoid the judgment. The law does not prohibit damages against a transferee who is not the debtor. The recipient of a fraudulent conveyance is …

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Court Awards Punitive Damages For Fraudulent Transfers

May 22, 2020 / Fraudulent Transfers

Florida residents who conduct business in other states may find themselves subject to the courts and the laws of the foreign state. Specifically, a court in another state that issues a money judgment against a Florida resident who did business in that state can enforce fraudulent transfer laws and remedies in the foreign state. Many …

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Transfer Of Zero Value Stock Cannot Be Challenged As Fraudulent

May 22, 2020 / Fraudulent Transfers

Often, a debtor will own an interest in real estate or business corporation/LLC that has no present value, but which the debtor anticipates will some day be worth significant money. Examples are upside down real estate or a start up business. These assets may be transferred to protect the anticipated future value from creditors even …

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Is Debtor’s Separate Money In To An Entireties Bank A Fraudulent Transfer?

May 22, 2020 / Fraudulent Transfers

A debtor’s transfer of non-exempt cash to avoid collection of a judgment can be reversed as a fraudulent transfer. The fraudulent transfer issue often arises when a debtor deposits money in to a bank account owned tenants by entireties. In many cases, a married debtor maintains all his financial accounts jointly with his non-debtor spouse. …

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Can Creditor Challenge Disclaimer of Inheritance As A Fraudulent Transfer?

May 22, 2020 / Fraudulent Transfers

A debtor expects to inherit a significant amount of assets from a parent while he is already subject to a civil judgment. The debtor is concerned that the inherited assets will be exposed to his judgment creditor. The debtor is considering executing a formal “disclaimer” of the inheritance so the assets will not be titled …

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