Creditor's Rights Flashcards
Filing an abstract of judgment secured in one VA circuit ct w the clerk of the Virginia circuit ct of a different jx where debtor owns real property is generally ___
sufficient to attach a judgment lien on that real property
Can it be attached by creditor to satisfy claim? Property held in tenancy by entirety
No, property held as tenants by the entirety by married couple cannot be attached by a creditor to satisfy claim against only one spouse
What proportion does joint bank account belong to
belongs, during lifetimes of all parties, to parties in proportion to the net contributions by each to the sums on deposit
Who does it belong to: Joint Bank Account held by married persons
belongs to them equally, unless there is clear and convincing evidence of a different intent
Security interest in a car is perfected by
a notation of the security interest on the certificate of title
Only one method permitted for perfecting security interest on a motor vehicle, even if the motor vehicle is a consumer good that is auto perfected under UCC article 9
register your lien on the vehicle’s certificate of title
When a client furnishes a retainer or advance deposit against fees to an attrny, the money belongs to ____ and must be placed in ____ and ___ holds the funds in a ____
belongs to the client and must be placed in the law firm’s trust account and attrny holds funds in a trust
The funds are the ___ of a trust of which the attorney is the ___ and the client is the ___
corpus of a trust of which the attorney is the trustee and client is the beneficiary
NO debtor - creditor relationship between client and firm
Can debtor protect engagement ring from creditor’s writ of execution?
Yes, wedding and engagement rings are protected from writs, regardless of dollar amount
Can creditor reach an account held by tenancy in common?
Yes, creditor (judgment debtor) can reach debtor’s share of the account
Can one spouse’s interest of an equally owned joint bank account be reached by judgment debtor?
yes, there is a presumption that when an account is owned by a husband and wife, they own it equally so jjudgment interest owed by one spouse can be reached
Steps to obtain judgment on bank account
after 21 days had run from date of entry of any judgment order, P should file a garnishment, which requests clerk’s office of ct where judgment was entered, to issue a writ of execution and garnishment on parties’ bank account to reach judgment debtors’ shares in the bank account
Intercepting Fraudulent or Voluntary transfers by debtor
Creditors can upset fraudulent or voluntary transfers made by their debtor, restoring title to the transferred property to the debtor, which allows the creditor to levy the property and sell it
Money judgements create a ___ on ___ ____ ___ in which D has an interest, whether ___ ___ or ___ acquired, from the time the ____ is recorded on judgment lien docket
lien on the real estate D has an interest in whether presently owned or subsequently acquired from time the judgment is recorded on judgment lien docket
Two categories of creditors
1) existing creditors
2) Future Creditors
Existing Creditors are creditors who have
Have liquidated their claims against the debtor by agreement or judgment at the time of the challenged transfer
Future creditors
have obtained or reduced their claims to judgment after the challenged transfer
Existing creditors may challenge either ___ or ___ conveyences made for ___ ___ ___ ___ ___
either voluntary or fraudulent conveyences made for less than the fair market value
Future creditors may only challenge transfers made with
the intent to defraud
Fraudulent conveyances are
gifts, conveyences or assignment/transfer of real or personal property intended to defraud creditors
Voluntary transfer by Insolvent Transferor is a
Transfer made for less than fair mrkt value and may be set aside by existing creditors
When can an action to Set aside conveyance be brought?
creditor may bring even before obtaining a judgment
The filing of action to set aside conveyance creates a ___
lien against the transferred property
