- 44 -
way of illustration, the deed reciting that OIP was transferring
the Vero Beach property to FIIC on February 28, 1992, was not
recorded until September 10, 1993. Under Florida law, a convey-
ance of real property will not be effective against the trans-
feror's creditors unless it is recorded. See Fla. Stat. Ann.
sec. 695.01(1) (West 1994). The failure to record the deed
purportedly transferring the Vero Beach property from OIP to FIIC
until almost 19 months after the transfer allegedly took place
belies petitioners' contention based on Mr. Canty's testimony
that OIP transferred the Vero Beach property to FIIC on February
28, 1992, in order to protect that property from the creditors of
OIP. We are not required to, and we shall not, rely on Mr.
Canty's uncorroborated testimony about the reasons for the
purported transfers in question, which testimony serves the
interests of petitioners. See Lerch v. Commissioner, 877 F.2d at
631-632; Geiger v. Commissioner, 440 F.2d at 689-690; Tokarski v.
Commissioner, 87 T.C. at 77.
It is also noteworthy that, when OIP allegedly transferred
the Vero Beach property to FIIC on February 28, 1992, the only
consideration that it purportedly received from FIIC was an
agreement by FIIC to be bound by the promissory note in the
amount of $367,500 and the purchase money mortgage with respect
to that note which OIP had executed in favor of General on
December 11, 1990, when OIP acquired the Vero Beach property.
The record does not show that FIIC made any payments with respect
Page: Previous 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 NextLast modified: May 25, 2011