- 16 - The enumerated factors are not exhaustive or exclusive,11 and there is no magic number needed to determine the required intent.12 Tiab Communications Corp. v. Keymarket of NEPA, Inc., 263 F. Supp. 2d 925, 935 (M.D. Pa. 2003). Even conduct subsequent to the transfer may demonstrate the intent that existed at the time of the transfer. Iscovitz v. Filderman, 6 A.2d 270, 272 (Pa. 1939). Many of the enumerated indicia are present in this case: (1) Self Oil was already insolvent or made insolvent by virtue of the transfer; (2) the transfer was to a corporation owned by family members who were former employees of the transferor and 11We note that the statute specifically provides: “consideration may be given, among other factors”. See 12 Pa. Cons. Stat. Ann. sec. 5104(b) (West 1999) (emphasis added). 12The committee comment to 12 Pa. Cons. Stat. Ann. sec. 5104 states in pertinent part: (5) Subsection (b) below is a nonexclusive catalogue of factors appropriate for consideration by the court in determining whether the debtor had an actual intent to hinder, delay or defraud one or more creditors. Proof of the existence of any one or more of the factors enumerated in subsection (b) may be relevant evidence as to the debtor’s actual intent but does not create a presumption that the debtor has made a fraudulent transfer or incurred a fraudulent obligation. * * * The fact that a transfer has been made to a relative or to an affiliated corporation has not been regarded as a badge of fraud sufficient to warrant avoidance when unaccompanied by any other evidence of fraud. The courts have uniformly recognized, however, that a transfer to a closely related person warrants close scrutiny of the other circumstances, including the nature and extent of the consideration exchanged. * * *Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011