fraudulent conveyance summons and complaint new york

#Fraudulent conveyance summons and complaint new york free

March 11, 2015) arose out of a proceeding “ to quiet title pursuant RPAPL article 15, to declare two deeds and a mortgage null and void, to recover damages for fraud, breach of fiduciary duty, conversion, money had and received, and unjust enrichment, and to impose a constructive trust” On an almost daily basis, our Courts publish decisions that demonstrate the broad panoply of disputes that are prosecuted under the RPAPL Article 15 “umbrella”. Fourmaux at 15 of the New York Real Property Actions and Proceedings Law provides that: “Where a person claims an estate or interest in real property…such person… may maintain an action against any other person, known or unknown… to compel a determination of any claim adverse to that of plaintiff which the defendant makes”

#Fraudulent conveyance summons and complaint new york free

If you have any questions about how the new Act may affect any claims or potential claims you have, please feel free to contact Jeffrey C. Thus, pre-Apclaims should continue to be governed by the old law, including its six-year statute of limitations. The Act expressly provides that it applies to transfers made or obligations incurred on or after its effective date (April 4, 2020), and that it does not apply to transfers made or obligations incurred, or claims that accrued, prior to its effective date. If you have a pending claim under the old law or are contemplating bringing a claim under the old law based on a past conveyance, do not worry the changes should not affect your claim. The UVTA replaces archaic and idiosyncratic definitions of “insolvency” and other key terms with new versions that are more consistent with those of related terms in the Bankruptcy Code.

Definitions of “insolvency” and other key terms modernized.

The new terminology is “voidable transaction.” With an aim of making clear to courts that fraudulent conveyances should not be considered a species of fraud and subjected to heightened pleading requirements, the Commission struck the term “ fraudulent” from the text.

The terms “fraudulent conveyance” and “fraudulent transfer” are no more.The UVTA provides that the “preponderance of the evidence” standard will now apply to all claims under the Act, including intentional fraudulent conveyance claims. Currently, New York law requires “clear and convincing proof” of the transferor’s intent to hinder, delay, or defraud creditors in intentional fraudulent conveyance cases. To reduce forum shopping, the new Act codifies a uniform choice of law rule based on the debtor’s location at the time of the transfer, determined by reference to its chief executive office. Currently, New York employs a common-law, multi-factor choice of law analysis for fraudulent conveyance claims. Codified bright-line choice of law rule.This change brings New York’s statute of limitations in line with most other states and eliminates what is sometimes an advantage for creditors. The UVTA eliminates New York’s uniquely long six-year statute of limitations for fraudulent conveyances and replaces it with a statute of repose expiring four years after the date of the challenged transaction or one year after the date of reasonable discovery, whichever is later.

The UVTA will become effective in New York on April 4, 2020, and includes a number of substantive changes of interest to creditors.

The UVTA was promulgated as the successor to the Uniform Fraudulent Transfers Act in place in most states (but not New York), and has so far been enacted in 20 other states. On December 6, 2019, Governor Cuomo signed into law an Act that entirely repeals New York’s existing fraudulent conveyance law which has been in place since 1925, and replaces it with the Uniform Law Commission’s Uniform Voidable Transactions Act (UVTA). With little fanfare, New York has recently enacted a complete overhaul of its fraudulent conveyance law.