|
Fraudulent Conveyance
A fraudulent conveyance or fraudulent transfer is the transfer of property to another party to prevent, hinder, or delay the collection of a debt owed by or incumbent on the party making the transfer, sometimes by rendering the transferring party insolvent. It is generally treated as a civil cause of action that arises in debtor/creditor relations, typically brought by creditors or by bankruptcy trustees against insolvent debtors, but in some jurisdictions there is potential for criminal prosecution. Overview A transfer will be fraudulent if made with actual intent to hinder, delay, or defraud any creditor. Thus, if a transfer is made with the specific intent to avoid satisfying a specific liability, then actual intent is present. However, when a debtor prefers to pay one creditor instead of another, that is not a fraudulent transfer. There are two types of fraudulent transfer—''actual fraud'' and ''constructive fraud''. ''Actual fraud'' typically involves a debtor who as p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvent
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraudulent Conveyances Act 1571
The Fraudulent Conveyances Act 1571 ( 13 Eliz. 1. c. 5), also known as the Statute of 13 Elizabeth, was an act of the Parliament of England, which laid the foundations for fraudulent transactions to be unwound when a person had gone insolvent or bankrupt. Section 6 of the act provided that the act would remain in force until the end of the first session of the next parliament. The act was continued until the end of the next session of parliament by the Ecclesiastical Leases Act 1572 ( 14 Eliz. 1. c. 11), the Continuance, etc. of Laws Act 1584 ( 27 Eliz. 1. c. 11) and made perpetual by the Continuance, etc. of Laws Act 1586 ( 29 Eliz. 1. c. 5) In the United Kingdom, the provisions contained in the act were replaced by Part IX of the Law of Property Act 1925 ( 15 & 16 Geo. 5. c. 20), which has since been replaced by Part XVI of the Insolvency Act 1986. Text It is clear from the text of the statute that it was framed in a purposive manner. So if someone had the intenti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good Faith
In human interactions, good faith () is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. Some Latin phrases have lost their literal meaning over centuries, but that is not the case with , which is still widely used and interchangeable with its generally accepted modern-day English translation of ''good faith''. It is an important concept within law and business. The opposed concepts are bad faith, (duplicity) and perfidy (pretense). is a Latin phrase meaning "good faith". Its ablative case is , meaning "in good faith", which is often used in English as an adjective to mean "genuine". While may be translated as "faith", it embraces a range of meanings within a core concept of "reliability", in the sense of a trust between two parties for the potentiality of a relationship. For the ancient Romans, ''bona fides'' was to be assumed by both sides, with implied responsibilities and both legal and religious consequences if bro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer bene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petition
A petition is a request to do something, most commonly addressed to a government official or public entity. Petitions to a deity are a form of prayer called supplication. In the colloquial sense, a petition is a document addressed to an official and signed by numerous individuals. A petition may be oral rather than written, or may be transmitted via the Internet. Legal ''Petition'' can also be the title of a legal pleading that initiates a legal case. The initial pleading in a civil lawsuit that seeks only money (damages) might be called (in most U.S. courts) a ''complaint''. An initial pleading in a lawsuit that seeks non-monetary or "equitable" relief, such as a request for a writ of ''mandamus'' or ''habeas corpus'', custody of a child, or probate of a will, is instead called a ''petition''. Act on petition is a "summary process" used in probate, ecclesiastical and divorce cases, designed to handle matters which are too complex for simple motion. The parties in a case exch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probate
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death. The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor (or personal representative), generally named in the will, as having legal power to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United States
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Bankruptc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Fraudulent Conveyance Act
A uniform is a variety of costume worn by members of an organization while usually participating in that organization's activity. Modern uniforms are most often worn by armed forces and paramilitary organizations such as police, emergency services, security guards, in some workplaces and schools, and by inmates in prisons. In some countries, some other officials also wear uniforms in their duties; such is the case of the Commissioned Corps of the United States Public Health Service or the French prefects. For some organizations, such as police, it may be illegal for non-members to wear the uniform. Etymology From the Latin ''unus'' (meaning one), and ''forma'' (meaning form). Variants Corporate and work uniforms Workers sometimes wear uniforms or corporate clothing of one nature or another. Workers required to wear a uniform may include retail workers, bank and post-office workers, public-security and health-care workers, blue-collar employees, personal trainers in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Bankruptcy Code
Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or regional governments that are partially self-governing; a union of states *Federal republic, a federation which is a republic *Federalism, a political philosophy *Federalist, a political belief or member of a political grouping * Federalization, implementation of federalism Particular governments *Government of Argentina *Government of Australia *Federal government of Brazil *Government of Canada *Cabinet of Germany *Federal government of Iraq *Government of India *Federal government of Mexico *Federal government of Nigeria *Government of Pakistan *Government of the Philippines *Government of Russia *Government of South Africa *Federal government of the United States **United States federal law **United States federal courts *Federal gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Texas College Of Law
South Texas College of Law Houston (STCL or South Texas) is a private law school in Houston, Texas. It was founded in 1923 when the YMCA made the decision to establish a law school with a focus on offering night classes for working professionals. It is accredited by the American Bar Association. South Texas College of Law Houston is the oldest law school in the city of Houston. Academics South Texas College of Law Houston is also part of a consortium of four independent ABA- and AALS-accredited American law schools—California Western School of Law, New England School of Law, and William Mitchell College of Law. The Consortium for Innovative Legal Education combines resources of the schools for access to educational programs on a national and international basis. Students at South Texas can study abroad in London, Ireland, Malta, the Czech Republic, France, the Netherlands, Denmark, Turkey, Chile, and Mexico. Admissions For the class entering in 2023, South Texas a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Twyne's Case
''Twyne's case'' (1601) 76 ER 809; 3 Co. Rep. 80b is a UK insolvency law case, concerning a fraudulent conveyance. Representative of earlier English law, it was considered that any transfer of property from a debtor to a creditor, after which the debtor remained in possession of that property, was a fraudulent act intended to defraud creditors. At the time, the law only recognised the mortgage and the pledge. A charge on property in possession of another was not allowed. Facts Pierce, a farmer, owed Twyne of Hampshire £400. He also owed another creditor £200, and this creditor brought an action. While the writ was pending, Pierce sold his sheep to Twyne to pay off his debt. However, Pierce remained in possession of the sheep, marking and shearing them. At the other creditor's instance, the Sheriff of Southampton came to collect the sheep. Twyne and his acquaintances resisted this. Twyne argued that he was a bona fide purchaser for valuable, and not inadequate, consideration w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
