Fraudulent Transfer - Law Dictionary Search Results
Home Dictionary Name: fraudulent transfer Page: 2Bill of sale
Bill of sale, an assignment by deed of chattels personal, whether absolute or by way of security. See Twyne's case, (1602) 3 Rep. 80 [44 Eliz.], and 1 Sm. L. C. 1 et seq., where the principal cases are collected.The registration of bills of sale was first required in 1854 by 17 & 18 Vict. c. 31, which enacted that every bill of sale should be void as against assignees in bankruptcy and execution creditors, unless the bill or a copy thereof should have been filed in the Court of Queen's Bench within 21 days after its execution, together with an affidavit of the time of the bill of sale being given, and a description of the residence and occupation of the deponent and of every attesting witness of the bill of sale. In 1866, by 29 & 30 Vict. c. 96, registration had to be renewed every five years. The two Acts were consolidated with some important amendments by the (English) Bills of Sale Act, 1878 (41 & 42 Vict. c. 31). The principal amendments were these:-The period within which to regis...
Voluntary conveyance
Voluntary conveyance. A conveyance by way of gift or otherwise without valuable consideration. Liable to be defeated, under 27 Eliz. c. 4, by a subsequent sale for value, but no voluntary disposition whenever made shall be deemed to have been made with intent to defraud by reason only that a subsequent conveyance for valuable consideration was made if that conveyance was made after the 18th January, 1893: (English) Law of Property Act, 1925, s. 173, reproducing 27 Eliz. c. 4, as amended by the (English) Voluntary Conveyances Act, 1893. Any conveyance made with intent to defeat or delay creditors may be set aside under 13 Eliz. c. 5; see Twyne's Case, (1601) 3 Rep. 80; 1 Sm. L.C., unless the conveyance was made for valuable consideration and in good faith or upon good consideration and in good faith to any person not having at the time of the conveyance notice of the intent to defraud creditors [s. 172 (3), (English) Law of Property Act, 1925] This Act (ss. 172 and 173) repeals and repr...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
preference
preference 1 : the right to prior payment of a debt [with over the creditors of the heirs or legatees "Louisiana Civil Code"] 2 : the transfer of an insolvent debtor's interest in property to a creditor for an earlier debt that gives the creditor more than the creditor would otherwise receive (as under a bankruptcy settlement) called also voidable preference compare antecedent debt at debt, fraudulent conveyance general assignment at assignment NOTE: Preferences can be voided by a bankruptcy trustee because they diminish the bankruptcy estate out of which other creditors will be paid. Preferences must be made during a period (as 90 days before the date of filing a bankruptcy petition) established by bankruptcy law in order to be voidable. Perfection or grant of a security interest during this period is also a preference. The bankruptcy law states exceptions under which payments to creditors are not voidable preferences. 3 : priority ...
Act of Bankruptcy
Act of Bankruptcy, an act, the commission of which by a debtor renders him liable to be adjudged a bankrupt if the petition is presented within three months thereafter.Under s. 1 of the (English) Bankruptcy Act, 1914 (4 & 5 Geo. 5, c. 59), any one of the following acts of a debtor is an act of bankruptcy:-(a) Having made an assignment of his property in trust for his creditors generally.(b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part thereof.(c) Having made a conveyance amounting to a 'fradulent preference.'(d) Having, with intent to defeat or delay his creditors, departed out of England, or being out of England, remained out of England; or having absented himself; or begun to keep house.(e) If execution against him has been levied by seizure of his goods under process in any Court or in any civil proceeding in the High Court, and the goods have been either sold or held by the sheriff for 21 days:Provided that where an interpleader su...
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