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concealed, (d) before the transfer was made or obligation was
incurred, the debtor had been sued or threatened with suit,
(e) the transfer was of substantially all the debtor's assets,
(f) the debtor absconded, (g) the debtor removed or concealed
assets, (h) the value of the consideration received by the debtor
was reasonably equivalent to the value of the asset transferred
or the amount of the obligation incurred, (i) the debtor was
insolvent34 or became insolvent shortly after the transfer was
made or the obligation was incurred, (j) the transfer occurred
shortly before or shortly after a substantial debt was incurred,
and (k) the debtor transferred the essential assets of the
business to a lienor who transferred the assets to an insider of
the debtor. See Fla. Stat. sec. 726.105(2)(a)-(k)(1988).
Although one badge of fraud “may only create a suspicious
circumstance and may not constitute the requisite fraud to set
aside a conveyance, * * * several of them when considered
together may afford a basis to infer fraud." See, e.g., Johnson
v. Dowell, 592 So. 2d 1194, 1197 (Fla. Dist. Ct. App. 1992);
Banner Constr. Corp. v. Arnold, 128 So. 2d at 896; United States
v. Fernon, 640 F.2d at 613; see also Advest, Inc. v. Rader, 743
F. Supp. at 854; Harper v. Commissioner, T.C. Memo. 1993-126.
Fraudulent conveyances also include transfers made without fair
34 Under Fla. Stat. sec. 726.103(1), a debtor is insolvent
if the total of his or her debts exceed the total of his or her
assets at a fair valuation.
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