FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

McKinney's Debtor and Creditor Law § 278 Page 1Effective:[See Text Amendments]Mckinney's Consolidated Laws of New York Annotated CurrentnessDebtor and Creditor Law (Refs & Annos)Chapter 12. Of the Consolidated Laws (Refs & Annos)Article 10. Fraudulent Conveyances (Refs & Annos)§ 278. Rights of creditors whose claims have matured1. Where a conveyance or obligation is fraudulent as to a creditor, such creditor, when his claim has matured, may,as against any person except a purchaser for fair consideration without knowledge of the fraud at the time of thepurchase, 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, orb. Disregard the conveyance and attach or levy execution upon the property conveyed.2. A purchaser who without actual fraudulent intent has given less than a fair consideration for the conveyance orobligation, may retain the property or obligation as security for repayment.CREDIT(S)(Added L.1925, c. 254, § 1.)Current through L.2009, chapters 1 to 14 and 16 to 347.Copr © 2009 Thomson ReutersEND OF DOCUMENT© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.