Fraudulent Transfer Act
Definition - What does Fraudulent Transfer Act mean?
The Fraudulent Transfer Act is a piece of legislation that attempts to establish rules and regulations regarding fraudulent transfers. Fraudulent transfers are attempts by debtors to prevent property from being seized by creditors upon default of repayment of the debt. Debtors do this by illegally transferring property to other persons, while at the same time keeping control of the property.
Justipedia explains Fraudulent Transfer Act
The Fraudulent Transfer Act is basically an act that is designed to help creditors prevent themselves from being defrauded by debtors. The way it does this is by establishing a set of rules under which fraudulent transfers are supposed to be dealt with. For example, a creditor must get a court decision that provides approval to seize a debtor's property that has been fraudulently transferred. In order for the court order to go through, the creditor generally must be able to show proof of the debt.
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