§ 513.48

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Finn v. Alliance Bank · 2013 2 citations

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In re Petters Co. · 2013 14 citations

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In re Petters Co. · 2013 2 citations

. The concept of "fair consideration,” Minn. Stat. Ch. 68, § 8478 (1923) as applied previously to a transfer, was replaced by the concept of "reasonably equivalent value,” Minn. Stat. § 513.44(a)(2). Under the UFCA, the transferee's good faith was required for a finding of "fair consideration,” and lack of fair consideration was one of the elements of a fraudulent transfer as defined. Minn. Stat. Ch. 68, §§ 8477(a)-(b) and 8478 (1923). Now, good faith is not to be examined in that context; but it is relevant to the application of various affirmative defenses under MUFTA. Minn. Stat. §§ 513.48(a), (b)(2), (d), and (f)(3). See also UFTA § 4, cmt. 2 (2006). Unlike the UFCA, MUFTA does not prescribe different tests for transfers made for the purpose of security and for absolute transfers. Id., cmt. 3. Finally, there is a minor change in the determination of one sort of insolvency, as contemplated for the deb tor-transferor: "unreasonably small capital” was replaced with “unreasonably small [assets] in relation to the business or transaction.” Id., cmt. 4.

. The concept of "fair consideration,” Minn. Stat. Ch. 68, § 8478 (1923) as applied previously to a transfer, was replaced by the concept of "reasonably equivalent value,” Minn. Stat. § 513.44(a)(2). Under the UFCA, the transferee's good faith was required for a finding of "fair consideration,” and lack of fair consideration was one of the elements of a fraudulent transfer as defined. Minn. Stat. Ch. 68, §§ 8477(a)-(b) and 8478 (1923). Now, good faith is not to be examined in that context; but it is relevant to the application of various affirmative defenses under MUFTA. Minn. Stat. §§ 513.48(a), (b)(2), (d), and (f)(3). See also UFTA § 4, cmt. 2 (2006). Unlike the UFCA, MUFTA does not prescribe different tests for transfers made for the purpose of security and for absolute transfers. Id., cmt. 3. Finally, there is a minor change in the determination of one sort of insolvency, as contemplated for the deb tor-transferor: "unreasonably small capital” was replaced with “unreasonably small [assets] in relation to the business or transaction.” Id., cmt. 4.

Stoebner v. Ritchie Capital Management, L.L.C. (In re Polaroid Corp.) · 2012 2 citations

+ 2 more citations in this opinion.