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Will You Add? - Indiana's Uniform Fraudulent Transfer Act - 2 Recent Cases
1. It is important to always have your company in a ready to sell state, trying to correctly forecast the economy or your sector is impossible. Having your company in a ready to sell state means, you are prepared for the times when the sale of the business will be suitable to you. If you are not ready you could miss the boat completely.2. Predicting the weather is difficult enough, let alone trying to predict business related areas, however you can help yourself by constantly monitorin
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in act
The basics of a federal tax return are:1. First find out if you need to file a federal tax return.2. If yes, then make sure you use the right forms. Start with Form 1040. Details of which forms are to be used when are clearly given in the Internal Revenue Service website. A w-2 or 1099MISC are needed to accurately file a Federal tax return. All tax payers are scheduled to receive their forms before Feb 15th. Not attaching the correct forms will cuase delays in processing of tax
Richter/voiding a transfer. Richter reminds us of the very basic elements that must be alleged for a colorable claim to void a fraudulent conveyance. The decision dealt with a Trial Rule 12(B)(6) motion to dismiss for failure to state a claim, and the court outlined the fundamental elements of a fraudulent conveyance claim:
1. An allegation of jurisdiction;
2. A statement of the date and the conditions under which the defendant executed a promissory note to the plaintiff;
3. A statement that the defendant owes the plaintiff the amount;
4. A description of the events surrounding the defendant’s conveyance of all of his property to the transfer recipient (a third party) for the purpose of defrauding and for delaying the collection of payment by the plaintiff; and
5. The plaintiff’s demand of the court.
Failure to allege any of these elements will result in the dismissal of the claim.
Fraudulent transfer defined. The IUFTA defines a fraudulent transfer in I.C. § 32-18-2-14 and 15. Section 14 involves a situation where “the debtor made the transfer with actual intent to hinder, delay or defraud any creditor of the debtor or if the debtor did not receive reasonably equivalent value in exchange for the transfer.” Symons at 47. Importantly “lack of consideration, standing alone, is insufficient to support a charge of fraud – fraudulent intent must be proven as well.” Id. at 48. Section 15 deals with situations where “the debtor did not receive reasonably equivalent value in exchange for the transfer, and the debtor was insolvent at the time or became insolvent as a result of the transfer.” Id. at 47.
Symons/transferee liability. This case, decided in the context of a Trial Rule 56 motion for summary judgment, involved multiple issues, many of which are irrelevant to secured lenders. But one very relevant question in Symons had not been answered before by an Indiana court, namely whether an officer or director of a “first transferee” who was found to have personally participated in the fraud can be held personally liable under the IUFTA. The defendants’ contention was that they did not qualify as “transferees” of the assets. See, I.C. § 32-18-2-18(b). Judge Young noted that the IUFTA does not define the term “transferee” but that it should generally be defined as one to whom a transfer of property is made. Symons at 44. Judge Young held that there were facts upon which a reasonable jury could conclude that the individuals in question personally participated in the fraudulent transaction and thus could be liable under the IUFTA. Id. at 46.
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in acti
All webmasters realise that the lifeblood of their website is traffic, without traffic a website is simply a series of codes on a server. However, traffic brings a website to life and the importance of this cannot be under estimated. Getting traffic is big business and a complex process but what I want to do is provide you with a foundation to use when developing your site so that all your work becomes focused on developing your websites traffic.The key thing to remember is that bringi
Richter/voiding a transfer. Richter reminds us of the very basic elements that must be alleged for a colorable claim to void a fraudulent conveyance. The decision dealt with a Trial Rule 12(B)(6) motion to dismiss for failure to state a claim, and the court outlined the fundamental elements of a fraudulent conveyance claim:
1. An allegation of jurisdiction;
2. A statement of the date and the conditions under which the defendant executed a promissory note to the plaintiff;
3. A statement that the defendant owes the plaintiff the amount;
4. A description of the events surrounding the defendant’s conveyance of all of his property to the transfer recipient (a third party) for the purpose of defrauding and for delaying the collection of payment by the plaintiff; and
5. The plaintiff’s demand of the court.
Failure to allege any of these elements will result in the dismissal of the claim.
Fraudulent transfer defined. The IUFTA defines a fraudulent transfer in I.C. § 32-18-2-14 and 15. Section 14 involves a situation where “the debtor made the transfer with actual intent to hinder, delay or defraud any creditor of the debtor or if the debtor did not receive reasonably equivalent value in exchange for the transfer.” Symons at 47. Importantly “lack of consideration, standing alone, is insufficient to support a charge of fraud – fraudulent intent must be proven as well.” Id. at 48. Section 15 deals with situations where “the debtor did not receive reasonably equivalent value in exchange for the transfer, and the debtor was insolvent at the time or became insolvent as a result of the transfer.” Id. at 47.
Symons/transferee liability. This case, decided in the context of a Trial Rule 56 motion for summary judgment, involved multiple issues, many of which are irrelevant to secured lenders. But one very relevant question in Symons had not been answered before by an Indiana court, namely whether an officer or director of a “first transferee” who was found to have personally participated in the fraud can be held personally liable under the IUFTA. The defendants’ contention was that they did not qualify as “transferees” of the assets. See, I.C. § 32-18-2-18(b). Judge Young noted that the IUFTA does not define the term “transferee” but that it should generally be defined as one to whom a transfer of property is made. Symons at 44. Judge Young held that there were facts upon which a reasonable jury could conclude that the individuals in question personally participated in the fraudulent transaction and thus could be liable under the IUFTA. Id. at 46.
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in act
Chairing a Pathology Department at Centrastate Hospital in New Jersey and simultaneously running two laboratories in two remote states (Oklahoma and New Jersey) require Dr. Michael McGinnis to match his medical expertise with savvy business sense."A pathologist must track workflow of the entire laboratory from receiving a sample and requisition form, to accessioning, to patient demographics, to history, to gross, dictation, proof, distribution, and billing," says Dr. McGinnis. "I need
5. The plaintiff’s demand of the court.
Failure to allege any of these elements will result in the dismissal of the claim.
Fraudulent transfer defined. The IUFTA defines a fraudulent transfer in I.C. § 32-18-2-14 and 15. Section 14 involves a situation where “the debtor made the transfer with actual intent to hinder, delay or defraud any creditor of the debtor or if the debtor did not receive reasonably equivalent value in exchange for the transfer.” Symons at 47. Importantly “lack of consideration, standing alone, is insufficient to support a charge of fraud – fraudulent intent must be proven as well.” Id. at 48. Section 15 deals with situations where “the debtor did not receive reasonably equivalent value in exchange for the transfer, and the debtor was insolvent at the time or became insolvent as a result of the transfer.” Id. at 47.
Symons/transferee liability. This case, decided in the context of a Trial Rule 56 motion for summary judgment, involved multiple issues, many of which are irrelevant to secured lenders. But one very relevant question in Symons had not been answered before by an Indiana court, namely whether an officer or director of a “first transferee” who was found to have personally participated in the fraud can be held personally liable under the IUFTA. The defendants’ contention was that they did not qualify as “transferees” of the assets. See, I.C. § 32-18-2-18(b). Judge Young noted that the IUFTA does not define the term “transferee” but that it should generally be defined as one to whom a transfer of property is made. Symons at 44. Judge Young held that there were facts upon which a reasonable jury could conclude that the individuals in question personally participated in the fraudulent transaction and thus could be liable under the IUFTA. Id. at 46.
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in act
People have different reasons why they look to consolidate their debt, but among the most important ones are the following:1. Save money on interest2. Lower monthly payments3. Have one manageable bill per month instead of many small bills4. Easier to keep track of due dates5. Easier to keep track of how much is owed6. Making extra payments is much easier when there’s only one loan7. Saves time with bill paying alone, is insufficient to support a charge of fraud – fraudulent intent must be proven as well.” Id. at 48. Section 15 deals with situations where “the debtor did not receive reasonably equivalent value in exchange for the transfer, and the debtor was insolvent at the time or became insolvent as a result of the transfer.” Id. at 47.
Symons/transferee liability. This case, decided in the context of a Trial Rule 56 motion for summary judgment, involved multiple issues, many of which are irrelevant to secured lenders. But one very relevant question in Symons had not been answered before by an Indiana court, namely whether an officer or director of a “first transferee” who was found to have personally participated in the fraud can be held personally liable under the IUFTA. The defendants’ contention was that they did not qualify as “transferees” of the assets. See, I.C. § 32-18-2-18(b). Judge Young noted that the IUFTA does not define the term “transferee” but that it should generally be defined as one to whom a transfer of property is made. Symons at 44. Judge Young held that there were facts upon which a reasonable jury could conclude that the individuals in question personally participated in the fraudulent transaction and thus could be liable under the IUFTA. Id. at 46.
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in act
As you consider which legal entity or entities--corporation, limited liability company, or limited partnership--you want to use for your business structure, the decisions you make will depend heavily on your current financial situation, both personal and professional. But do you know how to read a financial statement on your own? Do you know how to read your own personal and business financial statements?Knowing how to do this is an essential skill not just for entrepreneurs but for ev
Learn more. For those who want to become more familiar with the IUFTA and the remedies afforded by it, the Richter and Symons opinions offer good illustrations of the law in action. I encourage you to read the .pdf’s. This limited post may help to familiarize you with the issue, but it’s impossible to cram everything into one article. You can be sure that this subject will continue to be covered on my blog, however.
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