Transfers -"be careful out there"
Posted: Sun Jun 05, 2005 11:39 am
I would add that you must be sure to make specific recitals with
respect to the consideration given; ie., list property and
liabilities that are being transferred, and to the extent property
is transferred, be sure that you have evidence (admissible) for
determining the value of property. You need to have a defense
against a possible UFTA or BK Fraudulent transfer action. To add
further to David's comment, you may want to anticipate the indemnity
claim, and draft specific language to deal with that issue, such
that you are covered under current law, and as of October 17th.
>
>
> --- "David A. Tilem" wrote:
>
> > David:
> >
> >. Worst that can
> > happen is they recover
> > house from wife, she has indemnity claim against
> > husband which will
> > probably be dischargeable.
> >
> .
>
> PS. Keep in mind the new code makes all 523(a)(15)
> items NONdischargeable.
> So (depending on language of settlement document) only
> if bk before Oct 17.
>
> dennis
>
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