Shocker! Fraudulent Transfer Leads To Judgment Against Transferee

The 16th Century gave plenty to the world – Leonardo da Vinci's "Mona Lisa," the Scientific Revolution, the Protestant Reformation, Michaelangelo's "David," and the Statute of Elizabeth.

That last one may be a head-scratcher, but it's the most relevant historical contribution in that list for lenders and special assets departments (at least for doing your job). The Statute of Elizabeth abolished transfers of property done to delay, hinder, and defraud creditors. North Carolina, like most states, has a modern statute – the Uniform Voidable Transactions Act – that codifies this 450-year-old prohibition on disposing of assets to evade your creditors and makes such transfers voidable.