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Can you summarize WYST 6-3-607?
FRAUD > Defrauding creditors; penalties
Short Summary
This legal document, part of the Wyoming Statutes, specifically addresses the offense of defrauding creditors. It applies to mortgagors of property or debtors who have given a security interest in property. The document outlines three actions that constitute defrauding creditors: transferring or concealing the property in derogation of the mortgagee’s or secured party’s interest, removing the property from the jurisdiction without obtaining written consent, or changing, altering, removing, substituting, mutilating, covering up, or defacing any identifying characteristic of the property. The penalties for defrauding creditors vary based on the value of the mortgagee’s or secured party’s interest. If the value is $1,000 or more, it is a felony punishable by imprisonment for up to ten years, a fine of up to ten thousand dollars, or both. If the value is less than $1,000, it is a misdemeanor punishable by imprisonment for up to six months, a fine of up to seven hundred fifty dollars, or both. There are no exemptions mentioned in this document.
Whom does it apply to?
Mortgagors of property or debtors who have given a security interest in property
What does it govern?
Defrauding creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
For mortgagee's or secured party's interest of a value of $1,000 or more: felony punishable by imprisonment for not more than ten (10) years, a fine of not more than ten thousand dollars ($10,000.00), or both. For mortgagee's or secured party's interest of a value of less than $1,000: misdemeanor punishable by imprisonment for not more than six (6) months, a fine of not more than seven hundred fifty dollars ($750.00), or both.
Jurisdiction
Wyoming