Re: transfer of assets
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Posted by cddfisher (64.12.96.205) on January 28, 2003 at 14:29:44:
In Reply to: transfer of assets posted by cc on January 28, 2003 at 08:51:28:
you do not indicate what state you are in. Many states have adopted what is called the "uniform fraudulent conveyances act". Basically it allows creditors to challenge transfers made for less than fair market value or with intent to hinder and delay creditors. The limitations periods will differ according to state law statute of limitations. In NY for instance it is a six year limit from the transfer. The remedy is generally a reversal of the transfer if possible, or else judgment against the persons who transfered and who received the property. You should speak with a local attorney who will know your state and local practices on the validity and limitations of such actions.
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