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Session Laws, 1920
Volume 539, Page 685   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 685

(b) To a person not a partner without fair consideration
to the partnership as distinguished from consideration to the
individual partners.

SECTION 9. (Rights, of Creditors Whose Claims Have
Matured.) (1) Where a conveyance or obligation is fraudu-
lent as to a creditor, such creditor, when his claim has ma-
tured, may, as against any person except a purchaser for fair
consideration without knowledge of the fraud at the time of
the purchase, or one who has derived title immediately or
mediately from such a purchaser,

(a) Have the conveyance set aside or obligation annulled
to the extent necessary to satisfy his claim, or

(b) Disregard the conveyance and attach or levy execu-
tion upon the property conveyed.

(2) A purchaser who without actual fraudulent intent has
given less than a fair consideration for the conveyance or
obligation, may retain the property or obligation as security
for repayment.

SECTION 10. (Rights of Creditors Whose Claims Have Not
Matured.) Where a conveyance made or obligation incurred
is fraudulent as to a creditor whose claim has not matured
he may proceed in a court of competent jurisdiction against
any person against whom he could have proceeded had his
claim matured, and the court may,

(a) Restrain the defendant from disposing of his prop-
erty,

(b) Appoint a receiver to take charge of the property.

(c) Set aside the conveyance or annul the obligation, or

(d) Make any order which the circumstances of the case
may require.

SECTION 11. (Cases not Provided for in Act.) In any case
not provided for in this Act the rules of law and equity in-
cluding the law merchant, and in particular the rules relating
to the law of principal and agent, and the effect of fraud, mis-
representation, duress or coercion, mistake, bankruptcy or
other invalidating cause shall govern.

SECTION 12. (Construction of Act.) This Act shall be so
interpreted and construed as to effectuate its general purpose
to make uniform the law of those states which enact it.

SECTION 13. (Name of Act.) This Act may be cited as the
Uniform Fraudulent Conveyance Act.


 

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Session Laws, 1920
Volume 539, Page 685   View pdf image (33K)
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