15A:14-11 - Fraudulent transfers; continued - New Jersey Statutes

15A:14-11.  Fraudulent transfers;  continued
    a.  A transfer or an obligation incurred which is fraudulent under section 15A:14-10 against a creditor, is fraudulent against the receiver, except as to a purchaser for a fair consideration, without knowledge of the fraud at the time of the purchase.

    b.  When a transfer made or an obligation incurred is fraudulent as to a creditor whose claim has matured, the receiver may, as against any person except a purchaser for a fair consideration without knowledge of the fraud at the time of the purchase, or one who has derived title immediately, or immediately from the purchaser:

    (1) Disregard the transfer and attach or levy execution upon the property conveyed or the obligation;  or

    (2) Have the transfer set aside or the obligation annulled to the extent necessary to satisfy the creditor's claim.

    c.  A purchaser who, without actual fraudulent intent, has given less than a  fair consideration for the transfer or obligation, may retain the property or  obligation as security for repayment.

    d.  When a transfer made or an obligation incurred is fraudulent as to a creditor whose claim has not matured, the receiver may proceed in the Superior Court against any person against whom the receiver could have proceeded if the claim were matured, and the court may:

    (1) Restrain the defendant from disposing of the property covered or affected by the conveyance or of the obligation;

    (2) Direct that the property or obligation be delivered to the custody of the receiver;

    (3) If equitable, set aside the conveyance or annul the obligation to the extent necessary to satisfy the claim.

     L.1983, c. 127, s. 15A:14-11, eff. Oct. 1, 1983.