- 105 -
Commissioner v. Stern, supra at 45; Hagaman v. Commissioner,
supra at 183-184.
The transfers involved in the instant cases occurred in the
State of Florida; therefore, the question of whether transferee
liability applies must be determined under the applicable Florida
law. Florida revised its statutory provisions relating to
fraudulent conveyances for years after 1987. Thus, Florida
Statutes sections 726.01-726.201 apply to transfers occurring
before January 1, 1988, while Florida Uniform Fraudulent Transfer
Act (FUFTA), Chapter 726 applies to transfers occurring after
December 31, 1987. See 1987 Fla. Laws, ch. 87-79, se. 13;
Advest, Inc. v. Rader, 743 F. Supp. 851, 853 (S.D. Fla. 1990).
Nonetheless, the legal and equitable principles of Fla. Stat.
section 726.01 continue to apply to post-1987 transfers. See
Fla. Stat. sec. 726.111 (1988);31 Advest, Inc. v. Rader, supra at
853-854.
31 Fla. Stat. sec. 726.111 (1988) provides as follows:
726.111. Supplemental provisions
Unless displaced by the provisions of ss. 726.101-726.112,
the principles of law and equity, including the law merchant
and the law relating to principal and agent, estoppel,
laches, fraud, misrepresentation, duress, coercion, mistake,
insolvency, or other validating or invalidating cause,
supplement those provisions.
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