Creditor's Rights Flashcards
What are the rules regarding whether a creditor can obtain a JMT against one spouse in a tenancy by the entirety?
A creditor of one spouse cannot reach the debtor spouse’s share in the property subject to the tenancy by the entirety.
Only if the creditor can obtain a joint judgment against both spouses can the entire property be reached.
A gift, conveyance, assignment or transfer of real or personal property that is intended to defraud creditors…
A conveyance, assignment, or transfer of real or personal property not made for valuable consideration by an […] (or one who is rendered insolvent by the transfer) may be set aside by existing creditors.
Intent to defraud [must/need not] be proven.
The test for insolvency is …
The standard adopted from federal bankruptcy law to determine what is valuable consideration …
…may be set aside.
[insolvent transferor]
[need not]
… whether the amount of the transferor’s liabilities at the date of the transfer exceeded the amount of his assets, exclusive of the transferred real estate, on the same date.
… that less than the “reasonably equivalent value” (any consideration is sufficient).
Certain transfers by a debtor may be ___ by the debtor’s creditors.
Existing creditors may challenge …
… set aside …
… either (1) fraudulent transfers or voluntary transfers made for less than FMV.
A conveyance to a ___ may not be set aside.
… bona fide purchaser who is unaware of the transferor’s fraudulent intent …
A conveyance by a debtor to the debtor’s spouse is …
In such case, the ___ spouse has the burden of establishing by ___ that the transfer was made ___ or otherwise ___.
… presumed to be fraudulent.
… transferee … clear and convincing evidence … for valuable consideration … without intent to defraud.
An insolvent debtor may generally make a valid transfer of a portion or the whole of his assets to ___, if that is ___ and ___, even though such transfer is intended to give such creditor priority.
… a bona fide creditor on account of an existing indebtedness … the sole purpose of the debtor … the transfer is for full value.
If the transaction is for a fraudulent purpose, the transfer is invalid.
A ___ is used to execute a judgment lien against tangible ___ property.
It is addressed to the ___ and commands him to ___ to pay the creditors.
The lien is created when the …
To levy on intangible property, the ___ must request the ___ to issue a ___, which is used to enforce the lien against intangible property.
… writ of fieri facias … personal …
… sheriff … sell the goods of the person against whom the judgment has been obtained …
… clerk delivers the writ to the sheriff.
… sheriff … clerk … garnishment ….
A proper levy occurs when the …
… sheriff has the power to exercise dominion and control over the debtor’s property and undertakes such power, and the property is described on the return.
When fees are withdrawn from a levied upon trust or account, …
… the amounts must be returned to the account or trust.
Although a judgment obtained in one jurisdiction is not automatically enforceable by a judgment creditor against real property located in another jurisdiction, the filing of an […] secured in one Virginia circuit court with the clerk of the Virginia circuit court in the circuit in which the debtor owns real property generally is…
[abstract of the JMT]
…sufficient to attach a judgment lien on that real property.
Property owned as tenants by the entirety by a married couple [can/cannot] be attached by a creditor to satisfy a claim against only one spouse.
cannot.
A creditor proceeding against a joint-bank account that is TbE can only get one-half.
A security interest in a motor vehicle is perfected by a notation of the security interest on the …
…certificate of title.
