FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

Page 2991 F.2d 31(Cite as: 991 F.2d 31)ute. N.Y.McKinney's CPLR 214, subd. 2.[3] Limitation of Actions 241 34(1)241 Limitation of Actions241I Statutes of Limitation241I(B) Limitations Applicable to ParticularActions241k34 Liabilities Created by Statute241k34(1) k. In General. Most CitedCasesUnder New York law, that a statute merely enlargescommon-law scheme of liability or grants additionalremedies is insufficient to bring it within statute oflimitations for actions on liabilities created by statute.N.Y.McKinney's CPLR 214, subd. 2.[4] Fraudulent Conveyances 186 248186 Fraudulent Conveyances186III Remedies of Creditors and Purchasers186III(F) Time to Sue186k248 k. Time to Sue and Limitations.Most Cited CasesUnder New York law, actions by judgment creditoragainst debtor to set aside fraudulent conveyance aregoverned by six-year catch-all statute of limitations;action to set aside fraudulent conveyance is action forconstructive fraud, and actions for constructive fraudare subject to catch-all limitations period.N.Y.McKinney's CPLR 213, subd. 1;N.Y.McKinney's Debtor and Creditor Law § 273-a.[5] Fraudulent Conveyances 186 237(1)186 Fraudulent Conveyances186III Remedies of Creditors and Purchasers186III(C) Right of Action to Set Aside Transfer,and Defenses186k237 Nature and Form of Remedy186k237(1) k. In General. Most CitedCasesUnder New York law, action by judgment creditoragainst debtor to set aside fraudulent conveyance isaction for constructive fraud. N.Y.McKinney'sDebtor and Creditor Law § 273-a.[6] Fraud 184 38184 Fraud184II Actions184II(A) Rights of Action and Defenses184k38 k. Time to Sue and Limitations.Most Cited CasesUnder New York law, actions for constructive, ratherthan actual, fraud are subject to six-year catch-allstatute of limitations. N.Y.McKinney's CPLR 213,subd. 1.[7] Fraudulent Conveyances 186 1186 Fraudulent Conveyances186I Transfers and Transactions Invalid186I(A) Grounds of Invalidity in General186k1 k. Nature of Fraud in Transfers ofProperty. Most Cited CasesUnder New York law, allegedly fraudulent conveyancesmust be evaluated in context. N.Y.McKinney'sDebtor and Creditor Law § 273-a.[8] Corporations 101 542(1)101 Corporations101XII Insolvency and Receivers101k541 Conveyances When Insolvent or inContemplation of Insolvency101k542 In General101k542(1) k. In General. Most CitedCasesUnder New York law, corporation's conveyance ofreal property to subsidiary was not supported by fairconsideration, so that judgment creditor of corporationwas entitled to have it set aside as fraudulentconveyance, even though corporation subsequentlydistributed shares in subsidiary to corporation'sshareholders; transfer and distribution were elementsof single corporate restructuring plan, subsidiary providedonly nominal consideration, apart from itsshares, for property, and net effect of restructuringwas transfer of property without any correspondingbenefit to corporation. N.Y.McKinney's Debtor andCreditor Law § 273-a.*32 Anthony J. Carpinello, Albany, NY (T. PaulKane, Theresa Atkins, Hiscock & Barclay, Albany,NY, of counsel), for defendant-appellant-crossappellee.Robert L. Weigel, New York City (Robin L. Baker,Gibson, Dunn & Crutcher, of counsel), for plaintiffappellee-cross-appellant.© 2009 Thomson Reuters. No Claim to Orig. US Gov. Works.