Posted by Darryl on October 08, 2003 at 21:06:59:
Uniform Fraudulent Transfers Act
Limiting Liability - Posted by Darryl Gonzalez
Posted by Darryl Gonzalez on October 06, 2003 at 18:00:57:
What would be the best way of protecting rental property receipts from a potential judgment without violating the UFTA? Would selling the property at FMV to a multi-member LLC (Family Members) who execute a promissory note for a substantial amount suffice? (The latter to record a valid lien in order to exclude the UFTA from coming into play). Please note that no lawsuit against me has been filed, but has been threatened by an unsecured creditor. I have a good paying job to do a bank work out if the unsecured creditor chooses to do that. My purpose is not to avoid, hinder or delay repayment, but rather to protect this valuable asset from potential pre-judgment attachment! Thank you in advance for whatever information you can provide.
Re: Limiting Liability - Posted by Jason
Posted by Jason on October 10, 2003 at 14:52:02:
Asset protection is about putting a property beyond the legal reach of a creditor or limiting/reducing the extent of any damages if your sued. I like to think of asset protection as an onion, how many layers of protection do you want before the creditor gets to you!
Call me at 800-508-1872 x3201 if you want some ideas on what to do legally that is effective.