FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

Page 134 A.D.3d 231, 824 N.Y.S.2d 37, 2006 N.Y. Slip Op. 07985(Cite as: 34 A.D.3d 231, 824 N.Y.S.2d 37)Westlaw Delivery Summary Report for DANIELS,JEFFREYYour Search:AMP Servs. LTD v Walanpatrias FoundDate/Time of Request:Friday, October 23, 2009 08:48 EasternClient Identifier:ACADEMY OF LAWDatabase:NY-CSCitation Text: 34 A.D.3d 231Lines: 116Documents: 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.AMP SERVICES LIMITED as Trustee of The Walterand Anna Bronner Trust, as assignee of the Estateof Harry Joseph, Deceased, etc., Plaintiff-Respondent-Appellant,v.WALANPATRIAS FOUNDATION, also known asDORAW, etc., Defendant-Appellant-Respondent.AMP Services Limited as Trustee of the Walter andAnna Bronner Trust, as assignee of the Estate ofHarry Joseph, Deceased, etc., Plaintiff-Respondent,v.Walanpatrias Foundation, also known as DORAW,etc., Defendant-Appellant.Nov. 2, 2006.Background: Judgment creditor brought action allegingthat judgment debtors fraudulently transferredstock portfolio. The Supreme Court, New YorkCounty, Barbara R. Kapnick, J., dismissed claims,but denied judgment debtors' motion to vacate preliminaryinjunction. Parties filed cross-appeals.Holdings: The Supreme Court, Appellate Division,held that:(1) judgment creditor stated claim for fraudulenttransfer;(2) judgment debtors were subject to personal jurisdictionin New York; and(3) securities held by depository were not properpredicates for exercise of in rem jurisdiction.Affirmed.West Headnotes[1] Fraudulent Conveyances 186 261186 Fraudulent Conveyances186III Remedies of Creditors and Purchasers186III(H) Pleading186k258 Bill, Complaint, or Petition186k261 k. Insolvency. Most CitedCasesJudgment creditor's allegation that judgment debtorsdirected transfer of assets in disputed stock portfolioaccount after learning that judgment creditor had secureddefault judgment against them considerably inexcess of account's assets was sufficient to pleadfraudulent transfer claim, even though judgmentcreditor did not claim that transfer had rendered assetstotally and permanently unavailable or diminished.McKinney's Debtor and Creditor Law § 276.[2] Courts 106 12(2.25)106 Courts106I Nature, Extent, and Exercise of Jurisdictionin General106k10 Jurisdiction of the Person106k12 Domicile or Residence of Party106k12(2) Actions by or Against Nonresidents;“Long-Arm” Jurisdiction in General106k12(2.25) k. Tort Cases. MostCited Cases© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.