Legal Question in Credit and Debt Law in North Carolina

Fraudulant Conveyance

Client is the president of a national franterity and has been directed by the parent fraternity to transfer the $300,000.00 parcel of real estate, subject an $80,000.00 lien, to the Parent Fraternity for no consideration other than the assumption of the debt.

1. will the transfer subject the client to personal responsibility of the $150,000.00+ debt unrelated to the property;

2. What is the Fraudulant convyance statute.


Asked on 5/22/98, 9:18 pm

1 Answer from Attorneys

Your "question" was too confusing!

Try to redescribe your situation, please, only with these changes: 1) Identify your role ... are youan attorney and you're talking about a client of yoursor are you calling yourself (or your friend) "client"?2) Who has the title to the house now? That is public information, stored at the registry of deeds, as is the lien that the mortgagee has on the property.3) Whose signature(s) are on the mortgage itself? That is, who 'co-signed' the loan with who else?

4) Why on Earth are you asking for information about theFraudulent Conveyance Statute? Is that for this or for some other situation? It doesn't seem the slightest bit relatedto this, but if you have more information you haven't sharedyet that could bring into play any sort of fraud, spill thebeans if you want some advice.

I'd suggest you retreat, write out a more thorough description of the problem covering the numbered questions above, and then send the question out to us all again.

This message is provided to assist you in structuring your thoughts when you speak with an attorney about your situation. I am not your attorney, and you are not my client, so this is not legal advice. Legal advice can only be given after a careful interview of the client by the attorney, and I have not had the opportunity to understand the significant issues that I must understand to render legal advice. You should contact an attorney in your state to discuss your situation. That attorney can give you the advice that your situation deserves, after carefully considering the issues that are legally significant in your situation.

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Answered on 6/18/98, 12:59 am


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