House Journal: Page 1368: Monday, April 23, 2001
Page 47
1 7. FRAUDULENT TRANSFERS PRIOR TO PETITION.
2 a. A transfer made and an obligation incurred by
3 an establishment within one year prior to the filing
4 of a successful petition for liquidation under this
5 chapter is fraudulent as to then existing and future
6 creditors if made or incurred without fair
7 consideration, or with actual intent to hinder, delay,
8 or defraud either existing or future creditors. A
9 fraudulent transfer made or an obligation incurred by
10 an establishment ordered to be liquidated under this
11 chapter may be avoided by the liquidator, except as to
12 a person who in good faith is a purchaser, lienor, or
13 obligee for a present fair equivalent value. A
14 purchaser, lienor, or obligee, who in good faith has
15 given a consideration less than present fair
16 equivalent value for such transfer, lien, or
17 obligation, may retain the property, lien, or
18 obligation as security for repayment. The court may,
19 on due notice, order any such transfer, lien, or
20 obligation to be preserved for the benefit of the
21 estate, and in that event, the receiver shall succeed
22 to and may enforce the rights of the purchaser,
23 lienor, or obligee.
24 b. (1) A transfer of property other than real
25 property is made when it becomes perfected so that a
26 subsequent lien obtainable by legal or equitable
27 proceedings on a simple contract could not become
28 superior to the rights of the transferee under
29 subsection 9, paragraph "c".
30 (2) A transfer of real property is made when it
31 becomes perfected so that a subsequent bona fide
32 purchaser from the establishment could not obtain
33 rights superior to the rights of the transferee.
34 (3) A transfer which creates an equitable lien is
35 not perfected if there are available means by which a
36 legal lien could be perfected.
37 (4) A transfer not perfected prior to the filing
38 of a petition for liquidation is deemed to be made
39 immediately before the filing of the successful
40 petition.
41 (5) This subsection applies whether or not there
42 are or were creditors who might have obtained a lien
43 or persons who might have become bona fide purchasers.
44 8. FRAUDULENT TRANSFER AFTER PETITION.
45 a. After a petition for liquidation has been
46 filed, a transfer of real property of the
47 establishment made to a person acting in good faith is
48 valid against the liquidator if made for a present
49 fair equivalent value. If the transfer is not made
50 for a present fair equivalent value, then the transfer
© 2001 Cornell College and
League of Women Voters of Iowa
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