Fraudulent Conveyances, Statutes Against
Legal definition for Indian law research
Definition
Fraudulent conveyances, Statutes against, sect. 172 of the (English) L.P. Act, 1925, now provides that every conveyance of property made either or before 1925 with intent to defraud creditors shall be voidable at the instance of any person thereby prejudiced, but the s. does not affect disentailing assurances or the law of bankruptcy, nor does it extend to conveyances in good faith either for valuable or for good consideration to any person without notice of fradulent intent. This enactment replaces 13 Eliz. c. 5 (A.D. 1570), made perpetual by 29 Eliz. c. 5. See Twyne's case, (1602) 3 Rep 80; 1 Smith's L.C. 1; Halifax Bank v. Gledhill, (1891) 1 Ch 31.
The 27 Eliz. c. 4, s. 2, made perpetual by 39 Eliz. c. 18, enacts that every conveyance of lands, made with the intent to defraud and deceive any person, bodies politic or corporate, who shall purchase the same, shall be deemed (as against that person, etc.) to be utterly void. But the Act shall not be construed to defeat or make void any conveyance, etc., for good consideration and bona fide. The Act was held to extend to mere voluntary assurances, and accordingly any voluntary conveyance of land was held to be void against a subsequent purchaser for value, even with notice of the voluntary conveyance, but this rule has been abrogated by the (English) Voluntary Conveyances Act, 1893 (56 & 57 Vict. c. 21), now replaced by (English) L.P. Act, 1925, s. 173. A debtor commits an act of bankruptcy if he makes a fraudulent conveyance of his property' i.e., a conveyance which tends to delay or defeat creditors. See (English) Bankruptcy Act, 1914, s. 42; and FRADULENT PREFERENCES; VOLUNTARY CONVEYANCES.
The 27 Eliz. c. 4, s. 2, made perpetual by 39 Eliz. c. 18, enacts that every conveyance of lands, made with the intent to defraud and deceive any person, bodies politic or corporate, who shall purchase the same, shall be deemed (as against that person, etc.) to be utterly void. But the Act shall not be construed to defeat or make void any conveyance, etc., for good consideration and bona fide. The Act was held to extend to mere voluntary assurances, and accordingly any voluntary conveyance of land was held to be void against a subsequent purchaser for value, even with notice of the voluntary conveyance, but this rule has been abrogated by the (English) Voluntary Conveyances Act, 1893 (56 & 57 Vict. c. 21), now replaced by (English) L.P. Act, 1925, s. 173. A debtor commits an act of bankruptcy if he makes a fraudulent conveyance of his property' i.e., a conveyance which tends to delay or defeat creditors. See (English) Bankruptcy Act, 1914, s. 42; and FRADULENT PREFERENCES; VOLUNTARY CONVEYANCES.
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