Fraudulent Transfer of Assets

Commercial litigation austin texas

Nov 24, 2012 — by Jeff Mundy
Tags: Commercial Litigation Austin Texas

The UFTA (Uniform Fraudulent Transfer Act) is intended to prevent a debtor from defrauding its creditors by moving assets out of reach. Wohlstein v. Aliezer, 321 S.W.3d 765, 776 (Tex. App.-Houston [14 Dist.] 2010, no pet.); see also Tex. Bus. & Com. Code Ann. §§ 24.001--.013 (West 2009) (UFTA). Numerous types of transactions are fraudulent for purposes of UFTA. See Tex. Bus. & Com. Code Ann. §§ 24.005, .006. Under UFTA, a defrauded creditor has several remedies, including avoidance of the transfer, temporary attachment of the transferred asset, and equitable remedies. See id. § 24.008. In certain circumstances, the creditor may obtain a monetary judgment against the transferee of the asset, the person for whose benefit the transfer was made, or subsequent transferees. See id. § 24.009(b). In any proceeding under UFTA, the trial court may award costs and reasonable attorney's fees that are equitable and just. Id. § 24.013.

Citizens National Bank of Texas v. NXS Construction Inc. (Tex. App. - Houston [14th Dist.], 2012)

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