FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

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Page 1257 A.D.2d 526, 684 N.Y.S.2d 244, 1999 N.Y. Slip Op. 00749(Cite as: 257 A.D.2d 526, 684 N.Y.S.2d 244)Westlaw Delivery Summary Report for DANIELS,JEFFREYYour Search:Wall Street Associates v BrodskyDate/Time of Request:Friday, October 23, 2009 08:46 EasternClient Identifier:ACADEMY OF LAWDatabase:NY-CSCitation Text: 257 A.D.2d 526Lines: 323Documents: 1Images: 0The material accompanying this summary is subject to copyright. Usage is governed by contract with ThomsonReuters, West and their affiliates.Supreme Court, Appellate Division, First Department,New York.WALL STREET ASSOCIATES, Plaintiff-Appellant,v.Edward BRODSKY, et al., Defendants-Respondents.Jan. 28, 1999.Judgment creditor sued law firm for legal malpracticeand breach of contract to perform legal services. TheSupreme Court, New York County, Edward Lehner,J., dismissed creditor's action, and creditor appealed.The Supreme Court, Appellate Division, held thatcreditor stated cognizable claim based on law firm'sfailure to bring fraudulent conveyance action againstjudgment debtors.Reversed.West Headnotes[1] Attorney and Client 45 129(2)45 Attorney and Client45III Duties and Liabilities of Attorney to Client45k129 Actions for Negligence or WrongfulActs45k129(2) k. Pleading and Evidence. MostCited CasesJudgment creditor stated cognizable claims againstlaw firm for legal malpractice and breach of contractto perform legal services in failing to bring an actionagainst judgment debtors for constructive and actualfraud under fraudulent conveyance provisions ofDebtor and Creditor Law, based on judgment debtors'admissions that stock in company they organized andcontrolled was placed in their respective wifes' namesto insulate it from anticipated judgment creditors,favorable price paid by spouses for debtors' shares,allegation that judgment debtors were judgment proofwhen creditor attempted to enforce its judgment, andallegation that time limitation on creditor's claim hadexpired by time law firm's representation of creditorceased. McKinney's Debtor and Creditor Law §§ 270,273, 275, 276; McKinney's CPLR 213, subd. 1,3211(a), par. 7.[2] Pretrial Procedure 307A 679307A Pretrial Procedure307AIII Dismissal307AIII(B) Involuntary Dismissal307AIII(B)6 Proceedings and Effect307Ak679 k. Construction of Pleadings.Most Cited CasesPretrial Procedure 307A 685307A Pretrial Procedure307AIII Dismissal307AIII(B) Involuntary Dismissal307AIII(B)6 Proceedings and Effect307Ak685 k. Affidavits or Other Showingof Merit. Most Cited CasesIn the context of a motion to dismiss, reviewing courtmust take the factual allegations of the complaint as© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.
Page 2257 A.D.2d 526, 684 N.Y.S.2d 244, 1999 N.Y. Slip Op. 00749(Cite as: 257 A.D.2d 526, 684 N.Y.S.2d 244)true, consider the affidavits submitted on the motiononly for the limited purpose of determining whetherthe plaintiff has stated a claim, not whether he hasone and, in the absence of proof that an alleged materialfact is untrue or beyond significant dispute, mustnot dismiss the complaint. McKinney's CPLR3211(a), par. 7.[3] Attorney and Client 45 105.545 Attorney and Client45III Duties and Liabilities of Attorney to Client45k105.5 k. Elements of Malpractice or NegligenceAction in General. Most Cited Cases(Formerly 45k105)Attorney and Client 45 11245 Attorney and Client45III Duties and Liabilities of Attorney to Client45k112 k. Conduct of Litigation. Most CitedCasesThe plaintiff in a legal malpractice action must establishthat the attorney in question was negligent, thatthe attorney's negligence was the proximate cause ofthe loss sustained, and that actual damages were sustained;it must be established that “but for” the attorney'snegligence, the underlying action would havesucceeded.[4] Attorney and Client 45 11245 Attorney and Client45III Duties and Liabilities of Attorney to Client45k112 k. Conduct of Litigation. Most CitedCasesIn order to establish the proximate cause and actualdamages elements in legal malpractice case, plaintiffmust show that the statute of limitations on the underlyingclaim had run by the time that it dischargeddefendants as its attorneys.[5] Fraudulent Conveyances 186 277(2)186 Fraudulent Conveyances186III Remedies of Creditors and Purchasers186III(I) Evidence186k270 Presumptions and Burden ofProof186k277 Consideration186k277(2) k. Transactions BetweenRelatives. Most Cited CasesFraudulent Conveyances 186 308(4)186 Fraudulent Conveyances186III Remedies of Creditors and Purchasers186III(M) Trial186k308 Questions for Jury; Questions ofLaw and Fact186k308(4) k. Consideration. MostCited CasesIn claim for constructive fraud under fraudulent conveyanceprovisions of the Debtor and Creditor Law,fairness of the consideration given for conveyance isa question of fact and an intra-family transactionplaces a heavier burden on defendant to demonstratefairness. McKinney's Debtor and Creditor Law §§270, 273.[6] Fraudulent Conveyances 186 61186 Fraudulent Conveyances186I Transfers and Transactions Invalid186I(E) Insolvency of Grantor186k61 k. Insolvency Element of Fraud.Most Cited CasesFraudulent Conveyances 186 73.1186 Fraudulent Conveyances186I Transfers and Transactions Invalid186I(G) Consideration186k73 Want or Insufficiency Element ofFraud186k73.1 k. In General. Most CitedCasesClaim under Debtor and Creditor Law for actualfraud, as opposed to constructive fraud, in makingconveyance does not require proof of unfair considerationor insolvency. McKinney's Debtor and CreditorLaw §§ 270, 273, 275, 276.[7] Fraudulent Conveyances 186 14186 Fraudulent Conveyances186I Transfers and Transactions Invalid186I(A) Grounds of Invalidity in General186k13 Badges of Fraud186k14 k. In General. Most Cited Cases© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.
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Nassau Academy of LawCLE Live Class
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McKinney's Debtor and Creditor Law
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BAKER & HOSTETLER LLP45 Rockefeller
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usiness of defendant Bernard L. Mad
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BACKGROUND, THE TRUSTEE, AND STANDI
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Madoff who received fraudulent tran
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ased on fictitious profits and for
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28. BLMIS funds were also used to p
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Madoff, and her niece, Shana Madoff
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42. Ruth Madoff was never an employ
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FIRST CAUSE OF ACTIONTURNOVER AND A
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66. At the time of each of the Two-
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Transfers; (b) directing that the S
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EIGHTH CAUSE OF ACTIONUNDISCOVERED
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TENTH CAUSE OF ACTIONDISALLOWANCE O
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111. Mrs. Madoff benefited from the
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WHEREFORE, the Trustee respectfully
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2(c)(3): (a) preserving the Subsequ
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