The Practice in Civil Actions in the Courts of Record of the State of New York Under the Code of Civil Procedure
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(Scoville v. Shed, 36 Hun, 165) . Such an action, however, can be maintained only where the debtor paid for the land at the time of the conveyance, and as a part of the contract of sale. If the land was bought and paid for by the grantee and afterwards the money was loaned or advanced by the debtor to the grantee to pay his debt or an incumbrance which he had put upon the land, a creditor cannot establish a lien upon the land unless it is proved that the transaction was made with the intent to ...hinder, delay or defraud creditors. {Niver v. Crane, 98 N. Y. 40). The term "equitable assets" also includes all property which in its nature is subject to execution, but which has been trans- ferred or conveyed by the debtor with intent to hinder, delay or defraud creditors and to prevent them from procuring the application of the property upon their judgments. (The Personal Property Law, §§ 24-29).
In such case, equity regards the property as belonging to the judgment debtor and the grantee or assignee as trustee ex maleficio for the creditors.
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To quickly assess the difficulty of the text, read a short excerpt:
(Scoville v. Shed, 36 Hun, 165) . Such an action, however, can be maintained only where the debtor paid for the land at the time of the conveyance, and as a part of the contract of sale. If the land was bought and paid for by the grantee and afterwards the money was loaned or advanced by the debtor to the grantee to pay his debt or an incumbrance which he had put upon the land, a creditor cannot establish a lien upon the land unless it is proved that the transaction was made with the intent to ...hinder, delay or defraud creditors. {Niver v. Crane, 98 N. Y. 40). The term "equitable assets" also includes all property which in its nature is subject to execution, but which has been trans- ferred or conveyed by the debtor with intent to hinder, delay or defraud creditors and to prevent them from procuring the application of the property upon their judgments. (The Personal Property Law, §§ 24-29).
In such case, equity regards the property as belonging to the judgment debtor and the grantee or assignee as trustee ex maleficio for the creditors.
What to read after The Practice in Civil Actions in the Courts of Record of the State of New York Under the Code of Civil Procedure?
You can find similar books in the "Read Also" column, or choose other free books by William Ramsey to read onlineMoreLess
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