- 31 -
transferred all of its assets to Mrs. Pert after April 15, 1990,
the latest date that the claim arose. We conclude that
respondent’s claim arose before any of the transfers occurred.5
We conclude that respondent has proven that the claim arose
before Mr. Riffe's estate transferred its assets to Mrs. Pert.
c. Consideration for Transfers From Mr. Riffe's
Estate to Mrs. Pert
To establish liability under Fla. Stat. Ann. section
726.106(1) (West 1988), respondent must show that Mr. Riffe's
estate did not receive property of a reasonably equivalent value
in exchange for the transfers.
Mrs. Pert did not pay any consideration to Mr. Riffe's
estate for the $399,535 in property that Mr. Riffe's estate
transferred to her. Petitioners do not contend that she did. We
conclude that respondent has proven that Mr. Riffe's estate did
not receive any consideration for the assets it transferred to
Mrs. Pert.
d. Insolvency or Substantial Indebtedness of Mr.
Riffe's Estate
Petitioners contend that the estate was solvent when Mrs.
Pert deposited the $132,000 in April 1991.
A debtor is insolvent under Florida law when the value of
his or her debts exceeds the value of his or her assets. Fla.
5Petitioners erroneously interpret the Florida statute to
require that the claim had been “made” rather than "arose" before
the transfer.
Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 NextLast modified: May 25, 2011