James E. Griffin and Katrina F. Griffin, Transferees - Page 17

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               During the 6-month period following June 6, 1991, Mr. Fisher           
          completely paid off the REFI loan secured by the mortgage.  The             
          total amount Mr. Fisher paid during this period was $55,929.57.16           
          As each payment was made by Mr. Fisher on the loan, the mortgage            
          lien was correspondingly reduced, and petitioners realized a                
          proportionate increase in their equity in the property.  Under              
          FUFTA, a transfer is broadly defined as including "every mode,              
          direct or indirect, absolute or conditional, voluntary or                   
          involuntary, of disposing of or parting with an asset or an                 
          interest in an asset, and includes payment of money, release,               
          lease, and creation of a lien or other encumbrance."  Fla. Stat.            
          Ann. sec. 726.102(12) (West 1988).  Each payment made by Mr.                
          Fisher on the loan satisfies the broad definition of a "transfer"           
          under Florida law.  Petitioners did not pay any consideration for           
          the release of this encumbrance.  Based upon our reasoning                  
          regarding the transfer of the real property itself, we find that            
          these transfers were made with the same fraudulent intent.  See             
          supra pp. 11-12.  Therefore, we find that petitioners received              
          transfers with a total value of $55,929.57, by way of Mr.                   
          Fisher's payment of the REFI loan.                                          

               16The difference between the balance of the unpaid principal           
          of the loan as of June 6, 1991, in the amount of $51,871, and the           
          total amount paid by Mr. Fisher over the 6-month period following           
          the transfer on June 6, 1991, of $55,929.57, was due to interest            
          and other charges accruing on the loan.                                     

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