Finding Non Exempt Property Flashcards
What happens at post trial discovery
D is summoned
Must answer questions about their property
What issue to discuss is a debtor transferred property to a third party before a creditor wants it?
Fraudulent conveyances
What is a current creditor? What kind of claim do they have?
Claim existed at time of the transfer
Liquidated claim
What is a future creditor? What kind of claim do that have?
Claim arose post transfer
Unliquidated claim
Intentional fraud
Intent to hinder or defraud C
may be set aside
Who beats the burden for intentional fraud
Creditor must prove intent
When is intent to defraud presumed?
Transfer to a spouse
What creditors may sue for intentional fraud?
Current and future
What kind of property ownership does not have intent to defraud?
Tenants by the entirety
Creditor can’t get to the property anyways
What is constructive fraud
Property transferred for less than fmv
Requirements for construtive fraud
D insolvent or became insolvent due to the transfer
Sold for less than FMV
Who may sue for constructive fraud
Current creditors
What happens to a good faith purchaser that pays fair value?
Fully protected
What if a good faith purchaser pays less than fmv?
Creditor will take property
GFP will get their money back
