270. Definition of terms. In this section, “property” of a debtor refers to property that is not exempt from liability for its debts. If an asset is responsible for the debtor`s debts, those assets are included in its assets. More generally, fraudulent transfer laws are designed to protect creditors from situations where a debtor transfers its assets or assets to the detriment of a creditor. Sometimes these transfers are . Sometimes a decision goes in a direction the reader doesn`t expect. Bashian & Farber, LLP v Syms, 2019 N.Y. Slip Op. 04348 (2d Dept. June 5, 2019) (here), . Sometimes a case involves facts and circumstances that, prima facie, lead a court to establish that fraud has been committed.
This was the case in First Franklin Fin. Corp. The term “creditor” means a person who has a claim, whether due or not, liquidated or not, absolute, fixed or conditional. New York`s 95-year-old Fraudulent Transfer Act, contained in sections 270 to 281 of section 10 of the Debtors and Creditors Act (NYDCL), has been replaced by new sections 270 to 281 of the UVTA. New York eventually aligned itself with the vast majority of states (about 44) that have already adopted this uniform legislation, which aims to give parties greater certainty and reduce disputes over the interpretation of the NYDCL. The term “transfer” means any payment of money, assignment, discharge, transfer, lease, mortgage or pledge of tangible or intangible property, and the creation of a lien or encumbrance.