Liability for Fraudulent Transfer

Jon Alper Fraudulent Transfers

Some creditors have tried to sue debtor’s attorneys and financial advisors for assisting the debtor in making fraudulent transfers. Creditors have tried to sue the debtors’ third party advisers for conspiracy to make fraudulent transfers or for aiding and abetting a fraudulent transfer.

In  BankFirst v. UBS Paine Webber, Inc, the Fifth District Court of Appeal in Florida held that Florida’s fraudulent conveyance statutes could not  be used to impose liability on anyone other than the recipient of a fraudulent conveyance. The Court held that the UFTA is a statutory device to undo a fraudulent conveyance, but it is not intended to service as a vehicle by which a creditor can sue anyone other than the transferee of the conveyance for the return of the property or its value.

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