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Can you summarize Chapter 6?
Special Relations of Debtor and Creditor > Fraudulent Instruments and Transfers
Short Summary
The legal document governs remedies for fraudulent instruments and transfers. It states that any transfer of property, charge, obligation, or judicial proceeding made with the intent to delay or defraud a creditor or any other person is void against all creditors of the debtor, their successors in interest, and any person upon whom the estate of the debtor devolves in trust for the benefit of others. The document specifies that a creditor can only avoid the act or obligation of the debtor for fraud if it obstructs the enforcement of the creditor’s right to take the affected property. It further clarifies that fraudulent intent is a question of fact, not law, in cases arising under specific provisions. However, any transfer or encumbrance of property made voluntarily or without a valuable consideration by an insolvent party or in contemplation of insolvency is deemed fraudulent and void as to existing creditors. The document also mentions that it applies to payees or payee’s transferees seeking to collect sums owed by individuals who issue checks, drafts, or orders for payment that are refused or dishonored. It outlines the process for demanding payment within 30 days and the consequences of failure to pay, including treble damages and reasonable attorneys’ fees. The document allows the payee to claim treble damages and provides guidelines for attorneys’ fees, with no limitation on post-judgment representation. It states that the court may award additional attorneys’ fees for representation in post-judgment collection matters. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Debtors, creditors, successors in interest, and persons upon whom the estate of the debtor devolves in trust for the benefit of others than the debtor
What does it govern?
Remedies for fraudulent instruments and transfers
What are exemptions?
Transfers or charges made for a valuable consideration, transfers or encumbrances made voluntarily or without a valuable consideration by an insolvent party or in contemplation of insolvency
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Guam