FRAUDULENT CONVEYANCES. 1479
1920, ch. 395, sec. 3.
3. (Fair Consideration.) Fair consideration is given for property, or
obligation,
(a) When in exchange for such property, or obligation, as a fair equiva-
lent therefor, and in good faith, property is conveyed or an antecedent
debt is satisfied, or
(b) When such property or obligation is received in good faith to se-
cure a present advance or antecedent debt in amount not disproportionately
small as compared with the value of the property, or obligation obtained.
1920, ch. 395, sec. 4.
4. (Conveyance by Insolvent.) Every conveyance made and every ob-
ligation incurred by a person who is or will be thereby rendered insolvent
is fraudulent as to creditors without regard to his actual intent if the con-
veyance is made or the obligation is incurred without a fair consideration.
As to insolvents, see art. 47.
1920, ch. 395, sec. 5.
5. (Conveyance by Persons in Business.) Every conveyance made with-
out fair consideration when the person making it is engaged or is about to
engage in a business or transaction for which the property remaining in
his hands after the conveyance is an unreasonably small capital, is fraudu-
lent as to creditors and as to other persons who become creditors during
the continuance of such business or transaction without regard to his actual
intent.
1920, ch. 395, sec. 6.
6. (Conveyance by a Person about to Incur Debts.) Every conveyance
made and every obligation incurred without fair consideration when the
person making the conveyance or entering into the obligation intends or
believes that he will incur debts beyond his ability to pay as they mature,
is fraudulent as to both present and future creditors.
1920, ch. 395, sec. 7.
7. (Conveyance Made With Intent to Defraud.) Every conveyance
made and every obligation incurred with actual intent, as distinguished
from intent presumed in law, to hinder, delay, or defraud either present or
future creditors, is fraudulent as to both present and future creditors.
1920, ch. 395. sec. 8.
8. (Conveyance of Partnership Property.) Every conveyance of part-
nership property and every partnership obligation incurred when the part-
nership is or will be thereby rendered insolvent, is fraudulent as to part-
nership creditors, if the conveyance is made or obligation is incurred,
(a) To a partner, whether with or without a promise by him to pay
partnership debts, or
(b) To a person not a partner without fair consideration to the part-
nership as distinguished from consideration to the individual partners.
As to partnerships, see arts. 73 and 73A.
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