Texas Business & Commerce Code - Section 24.006. Transfers Fraudulent As To Present Creditors
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§ 24.006. TRANSFERS FRAUDULENT AS TO PRESENT
CREDITORS. (a) A transfer made or obligation incurred by a debtor
is fraudulent as to a creditor whose claim arose before the transfer
was made or the obligation was incurred if the debtor made the
transfer or incurred the obligation without receiving a reasonably
equivalent value in exchange for the transfer or obligation and the
debtor was insolvent at that time or the debtor became insolvent as
a result of the transfer or obligation.
(b) A transfer made by a debtor is fraudulent as to a
creditor whose claim arose before the transfer was made if the
transfer was made to an insider for an antecedent debt, the debtor
was insolvent at that time, and the insider had reasonable cause to
believe that the debtor was insolvent.
Amended by Acts 1987, 70th Leg., ch. 1004, § 1, eff. Sept. 1,
1987.
Section: 23.32 23.33 24.001 24.002 24.003 24.004 24.005 24.006 24.007 24.008 24.009 24.010 24.011 24.012 24.013
Last modified: August 11, 2007
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