§3575. Transfers fraudulent as to present and future creditors
1.
Fraudulent transfer.
A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
A.
With actual intent to hinder, delay or defraud any creditor of the debtor; or
[PL 1985, c. 641, §3 (NEW).]
B.
Without receiving a reasonably equivalent value in exchange for the transfer or obligations and the debtor:
[PL 1985, c. 641, §3 (NEW).]
(1)
Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(2)
Intended to incur, or believed or reasonably should have believed that he would incur, debts beyond his ability to pay as the debts became due.
[PL 1985, c. 641, §3 (NEW).]
2.
Determination of actual intent.
In determining actual intent under subsection 1, paragraph A, consideration may be given, among other factors, to whether:
A.
The transfer or obligation was to an insider;
[PL 1985, c. 641, §3 (NEW).]
B.
The debtor retained possession or control of the property transferred after the transfer;
[PL 1985, c. 641, §3 (NEW).]
C.
The transfer or obligation was disclosed or concealed;
[PL 1985, c. 641, §3 (NEW).]
D.
Before the transfer was made or obligation was incurred, the debtor sued or threatened with suit;
[PL 1985, c. 641, §3 (NEW).]
E.
The transfer was of substantially all the debtor's assets;
[PL 1985, c. 641, §3 (NEW).]
F.
The debtor absconded;
[PL 1985, c. 641, §3 (NEW).]
G.
The debtor removed or concealed assets;
[PL 1985, c. 641, §3 (NEW).]
H.
The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
[PL 1985, c. 641, §3 (NEW).]
I.
The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
[PL 1985, c. 641, §3 (NEW).]
J.
The transfer occurred shortly before or shortly after a substantial debt was incurred; and
[PL 1985, c. 641, §3 (NEW).]
K.
The debtor transferred the essential assets of the business to a lienor who had transferred the assets to an insider of the debtor.
[PL 1985, c. 641, §3 (NEW).]
[PL 1985, c. 641, §3 (NEW).]
SECTION HISTORY
PL 1985, c. 641, §3 (NEW).