![]() The Opinion states, among other things, that the granting of the TFCC Mortgages could be held to be void “as transfers at undervalue under the Bankruptcy and Insolvency Act (the “BIA”), fraudulent conveyances under the Fraudulent Conveyances Act (Ontario) or fraudulent preferences under the Assignment and Preferences Act (Ontario).Įach Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act, the Fraudulent Conveyances Act or any similar federal, provincial or state law or the provisions of its local law relating to fraudulent transfer or conveyance.īump, Fraudulent Conveyances: A Treatise upon Conveyances Made by Debtors to Defraud Creditors 31-60 (3d ed.Ĭomplaint for Avoidance and Recovery of Fraudulent Conveyances Pursuant to 11 U.S.C. Joinder of Claims and Remedies: (a) Joinder of Claims 24 (b) Joinder of Remedies Fraudulent Conveyances 24 Rule 19.Ĭomplaint for Avoidance and Recovery of Fraudulent Conveyances Pursuant to 11 U.S.C. Joinder of Claims and Remedies: (a) Joinder of Claims 23 (b) Joinder of Remedies Fraudulent Conveyances 23 Rule 19. Glenn, Fraudulent Conveyances and Preferences § 114, at 225 (Rev. In response Congress began working on amendments to the Bankruptcy Code which were passed in 1984 and which expressly excl.Įxamples of Fraudulent Conveyances in a sentenceĪvoidance Powers - Strong-Arm Clause, Fraudulent Conveyances 58.Following the Lombard Wall decision, the mortgage repurchase market stalled.Payments made under the repurchase agreement could be the subject of avoidance actions (Code §§ 547 ( preferences) and 550 ( transferee liability)).The repurchase agreement was an “ executory contract” which the debtor could assume or reject (Code § 365) within the timeframes set by the Bankruptcy Code.The automatic stay (Code § 362) prevents the non- debtor party from exercising rights under the agreement, such as terminating the agreement, accelerating the obligations and exercising remedies. ![]() 82-8-11556), the Court held that the automatic stay applied to repurchase agreements.
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