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Can you summarize 11 DECO Chapter 5, Subchapter III, Part H?
Offenses Involving Property > Frauds on Creditors
Short Summary
The provided legal document pertains to frauds on creditors. It states that a person is guilty of defrauding secured creditors if they destroy, remove, conceal, encumber, transfer, or otherwise deal with property subject to a security interest with the intent to defeat enforcement of that interest. This offense is classified as a class A misdemeanor. The document also discusses fraud in insolvency, which occurs when a person intends to defraud a creditor and is aware of the appointment of a receiver or other person administering property for the benefit of creditors, or the existence of a composition or liquidation for the benefit of creditors. The document outlines four specific actions that constitute fraud in insolvency, including conveying, transferring, removing, concealing, destroying, encumbering, or otherwise disposing of any part of or interest in the debtor’s estate, obtaining any substantial part of or interest in the debtor’s estate, presenting false statements relating to the debtor’s estate, and misrepresenting or failing to disclose information to the receiver or administrator. Fraud in insolvency is also classified as a class A misdemeanor. Additionally, the document mentions interference with levied-upon property, which occurs when a person hides, destroys, or removes from the county any property that has been levied upon or seized under execution, attachment process, or distress for rent. Interference with levied-upon property is also classified as a class A misdemeanor.
Whom does it apply to?
Any person who destroys, removes, conceals, encumbers, transfers, or otherwise deals with property subject to a security interest with the intent to defeat enforcement of that interest
What does it govern?
Frauds on creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Defrauding secured creditors is a class A misdemeanor. Fraud in insolvency is also classified as a class A misdemeanor. Interference with levied-upon property is a class A misdemeanor.
Jurisdiction
Delaware