The Creditor sued the both the Debtor and Transferee for fraudulent transfer and civil conspiracy.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
The Transferee took a loan against the Northridge property and then defaulted on it.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
The issue of value is thus seen through the eyes of creditors, not the transferee.
FORBES: What The Debtor Received In Return Is Key To Fraudulent Transfer Value Analysis
Although the Transferee now owned the Northridge property, the Debtor continued to live in and enjoy the house.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
Stated differently, a creditor can lose, but an innocent transferee can lose too.
The cases turn on fine points of the execution of the transactions and interpertations of state law concerning transferee liability.
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The trust then sold the Northridge property to the Transferee, who was aware that the Creditor had by then sued the Debtor.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
There are two bases of transferee liability: at law and in equity.
The Court also found that the Transferee was utterly devoid of credibility.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
The Court found that the circumstances were particularly egregious, since the transfer left the Creditor without a means of living, while the Debtor and Transferee lived it up.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
Such positions will need to be re-margined at transferee firm.
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While the Debtor apparently had no assets within reach, the record shows that the Transferee has considerable assets that the Creditor can now pursue, so it was a very bad decision on his part to assist the Debtor.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
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