Jean A. Stanko - Page 20

                                         20                                           
               Petitioner disputes that Stanko transferred the note to her            
          for less than fair consideration or with the intent to hinder,              
          delay, or defraud creditors.                                                
               The Nebraska Uniform Fraudulent Conveyance Act (as in effect           
          during all times relevant here)3 (Neb. Rev. Stat. secs. 36-602,             
          36-603, 36-604, 36-607 (reissue 1988))4 allows a court to void a            

               3 This statute has since been replaced.  The statute                   
          governing substantive matters in effect at the time of the                  
          transfer governs, not statutes enacted later.  Schall v.                    
          Anderson's Implement, Inc., 484 N.W.2d 86, 89-90 (Neb. 1992).               
               4 Secs. 36-602, 36-603, 36-604, and 36-607 of the Revised              
          Statutes of Nebraska (Neb. Rev. Stat. secs. 36-602, 36-603, 36-             
          604, and 36-607 (reissue 1988)) (as in effect at the time of the            
          transfer) provide:                                                          
               Sec. 36-602  Insolvency; how determined.                               
                    (1) A person is insolvent when the present fair                   
               salable value of his or her assets is less than the                    
               amount that will be required to pay his or her probable                
               liability on his or her existing debts as they become                  
               absolute and matured.                                                  
               Sec. 36-603  Fair consideration; when given.                           
                    Fair consideration is given for property, or                      
               obligation,                                                            
                    (a)  When in exchange for such property, or                       
               obligation, as a fair equivalent therefor, and in good                 
               faith, property is conveyed or an antecedent debt is                   
               satisfied, or                                                          
                    (b)  When such property, or obligation is received                
               in good faith to secure a present advance or antecedent                
               debt in amount not disproportionately small as compared                
               with the value of the property, or obligation obtained.                
               Sec. 36-604  Conveyance by insolvent; fraudulent.                      
                                                             (continued...)           





Page:  Previous  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  Next

Last modified: May 25, 2011