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Full-Text Articles in Law
The Various Methods Circuit Courts Use To Define "Initial Transferee" In Fraudulent Transfers, Anthony J. Crasto
The Various Methods Circuit Courts Use To Define "Initial Transferee" In Fraudulent Transfers, Anthony J. Crasto
Bankruptcy Research Library
(Excerpt)
Transfers of a debtor's interest or obligation in property to a third party, made to prevent creditors from reaching assets in a bankruptcy case, are known as fraudulent transfers. Under current law, there are two types of fraudulent transfers: actual fraud and constructive fraud. Actual fraud requires findings of a debtor's "intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted." Constructive fraud does not require a finding of intent and occurs when a debtor receives "less than …
Making Sense Of Successor Liability, Marie T. Reilly
Making Sense Of Successor Liability, Marie T. Reilly
Marie T. Reilly
A firm that buys assets from another firm ordinarily does not acquire liability to the seller's creditors simply by buying its assets. This ordinary rule is subject to important exceptions. The buyer's consent triggers an exception. If a buyer agrees to assume the seller's liability to third parties, it is for that reason liable. This article considers a more controversial exception - successor liability. When a court decides that an asset acquirer should be treated as a "successor" to the transferor, it is liable for the transferor's debts as though it were the transferor.
Making Sense Of Successor Liability, Marie T. Reilly
Making Sense Of Successor Liability, Marie T. Reilly
Journal Articles
A firm that buys assets from another firm ordinarily does not acquire liability to the seller's creditors simply by buying its assets. This ordinary rule is subject to important exceptions. The buyer's consent triggers an exception. If a buyer agrees to assume the seller's liability to third parties, it is for that reason liable. This article considers a more controversial exception - successor liability. When a court decides that an asset acquirer should be treated as a "successor" to the transferor, it is liable for the transferor's debts as though it were the transferor.
Conversion Of Nonexempt Property To Exempt Property On The Eve Of Bankruptcy In Arkansas, J. Thomas Hardin
Conversion Of Nonexempt Property To Exempt Property On The Eve Of Bankruptcy In Arkansas, J. Thomas Hardin
University of Arkansas at Little Rock Law Review
No abstract provided.
Corporations - Corporate Form Used To Evade Bank Double Liability, Michigan Law Review
Corporations - Corporate Form Used To Evade Bank Double Liability, Michigan Law Review
Michigan Law Review
Plaintiff, the receiver for an insolvent bank, sued the individual stockholders of an investment corporation on an assessment to the amount of the par value of the bank stock as provided by the constitution and statutes of South Carolina. The investment corporation had been organized several years previously to secure control of a group of banks. Its holdings throughout consisted only of bank stock, and finally solely of stock of the closed bank. Plaintiff claimed, since the corporation had no assets, that the stockholders of the investment corporation were individually liable, because the use of a holding company for the …
Corporations-Repurchase Of Its Own Shares By A Corporation In Performane Of A Promise Forming Part Of The Contract Of Sale
Michigan Law Review
One Rosenthal entered the employ of the defendant corporation for two years at a salary of $10,000.00 per year; $75.00 per week to be paid in cash, and the balance to be paid in stock of the corporation at the end of each year. The contract contained a proviso that if the parties could not, at the end of the second year, reach an understanding for a continuation of the employment, the company would repurchase its shares at their par value. No such agreement was reached, and the company refused to take back its stock. Rosenthal brought his bill in …