Before victims filed claims, some targets of abuse lawsuits moved to shield assets (Times Union)
Times Union, August 20, 2019
Before victims filed claims, some targets of abuse lawsuits moved to shield assets
“The legal hurdle is that the complainant has to prove that the person or institution made the transfer with the fraudulent intent of defeating a claim.
“If I’m in my vehicle today and hit and, God forbid, kill somebody, and then two hours later I go and put my house in my wife’s name, that’s a classic example of a fraudulent conveyance,” Koenig said.
Last month, the New York City Bar Association wrote a letter urging Gov. Andrew M. Cuomo to sign a bill the Legislature passed this year that would update the state’s fraudulent conveyance law, bringing it in line with federal bankruptcy regulations and 45 other states.
The Uniform Voidable Transactions Act, as it was named by the Legislature, would provide “a more sensible and more certain allocation of rights and remedies among those who have done business with a debtor in the period before its insolvency became known,” the association wrote.”