§548

242.03(1); see also 1_4 sec.

242.03(1); see also 1_4 sec.

242.03(1); see also 1_4 sec.

242.03(1); see also 1_4 sec.

548(e)(1) (2012), a bankruptcytrustee may claw back any transfers made by a debtor within 10 years ofthe petition date ifthe transfer (among other things) was made to a self-settled trust or to a similar device whose beneficiary was the debtor. This provision is irrelevant here. The Legacy and Flex Trusts were not self-settled trusts. And the

Court ofAppeals for the Third Circuit held that the debtor involved in that case did not receive reasonably equivalent value, despite the good faith ofthe transferee, the arms length nature ofthe transaction, and the charging ofmarket rates for the fees in the transaction. See id.; see also In re Crown Unlimited Mach., Inc., 2006

Court ofAppeals for the Third Circuit held that the debtor involved in that case did not receive reasonably equivalent value, despite the good faith ofthe transferee, the arms length nature ofthe transaction, and the charging ofmarket rates for the fees in the transaction. See id.; see also In re Crown Unlimited Mach., Inc., 2006

Court ofAppeals for the Third Circuit held that the debtor involved in that case did not receive reasonably equivalent value, despite the good faith ofthe transferee, the arms length nature ofthe transaction, and the charging ofmarket rates for the fees in the transaction. See id.; see also In re Crown Unlimited Mach., Inc., 2006

sferee may also be held liable for the debts ofthe debtor under the Bankruptcy Code, which has its own fraudulent conveyance statute,¹5 even ifthe issue ofliability is decided in the bankruptcy court, not the Tax Court, under Section 6901. ¹511 USC § 548. - 36 - section 6901 was "purely a procedural statute" and "we must look to other sources for definition ofthe substantive liability." Notwithstanding our rejection ofrespondent's two-step analysis, for the reasons that follow we agree that resp

sferee may also be held liable for the debts ofthe debtor under the Bankruptcy Code, which has its own fraudulent conveyance statute,¹5 even ifthe issue ofliability is decided in the bankruptcy court, not the Tax Court, under Section 6901. ¹511 USC § 548. - 36 - section 6901 was "purely a procedural statute" and "we must look to other sources for definition ofthe substantive liability." Notwithstanding our rejection ofrespondent's two-step analysis, for the reasons that follow we agree that resp

sferee may also be held liable for the debts ofthe debtor under the Bankruptcy Code, which has its own fraudulent conveyance statute,¹5 even ifthe issue ofliability is decided in the bankruptcy court, not the Tax Court, under Section 6901. ¹511 USC § 548. - 36 - section 6901 was "purely a procedural statute" and "we must look to other sources for definition ofthe substantive liability." Notwithstanding our rejection ofrespondent's two-step analysis, for the reasons that follow we agree that resp

sferee may also be held liable for the debts ofthe debtor under the Bankruptcy Code, which has its own fraudulent conveyance statute,¹5 even ifthe issue ofliability is decided in the bankruptcy court, not the Tax Court, under Section 6901. ¹511 USC § 548. - 36 - section 6901 was "purely a procedural statute" and "we must look to other sources for definition ofthe substantive liability." Notwithstanding our rejection ofrespondent's two-step analysis, for the reasons that follow we agree that resp

t, not the Tax Court, under Section 6901. [The second comma in the second to the last line (which appears in the original) appears to be an error. The final phrase of the sentence likely should read: “not the Tax Court under Section 6901.”] 1511 USC § 548. Moreover, under Uniform Fraudulent Transfer Act (UFTA) sec. 1 cmt. at 10 (1984) the definition of the term “claim” for purposes of UFTA sec. 1(3) is derived from sec. 101(4) of the Bankruptcy Code, Pub. L. No. 95-598, sec. 101(4), 92 Stat. at

¹°See Allstate Ins. Co. v. CountrywideFin. Corp., 842 F. Supp. 2d 1216, 1224 (C.D. Cal. 2012) (applying Illinois UFTA). -12- [*12] property would "'change hands between a willing buyer and a willing seller, neither being under any compulsionto buy or to sell and both having reasonable knowledge ofrelevant facts.'" United States v. Cartw

See Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Courts have construed reasonably equivalent value to include both direct and indirect benefits to the transferor. See id. at 578. Whether a debtor received reasonably equivalent value is a question offact that is "based upon the fac

See Leibowitz v. ParkwayBank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Courts have construed reasonably equivalent value to include both direct and indirect benefits to the transferor. See id. at 578. Whether a debtor received reasonably equivalent value is a question offact that is "based upon the fact

HBE Leasing involved the application ofNYUFCA in order to collapse multiple transactions on the basis ofthe knowledge ofthe transferee. The relevant parties included the debtor corporation, the majority shareholder son, and the - ' ,mortgagee mother. First, the mortgagee mother made loans to the debtor corporation in exchange for secu

See Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Courts have construed reasonably equivalent value to include both direct and indirect benefits to the transferor. See id. at 578. Whether a debtor received reasonably equivalent value is a question offact that is "based upon the fac

See Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Reasonably equivalent value has been construed to.include both direct and indirect benefits to the transferor, even if the benefit does not increase the transferor's net worth. See id. at 578. "There need not be a dollar-for-doll

Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998); Bowers- Siemon Chems. Co. v. H.L. Blachford, Ltd., 139 Bankr. 436, 445 (Bankr. N.D. Ill. 1992) ("Illinois law on fraudulent conveyance parallels sec. 548 of the Bankruptcy Code."). Whether reasonably equivalent value was received by

section 548 of the Federal Bankruptcy Code. See Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Reasonably equivalent value has been construed to include both direct and indirect benefits to the transferor, even if the benefit does not increase the transferor's net worth. See id. at 578; Mille

Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998); Bowers- Siemon Chems. Co. v. H.L. Blachford, Ltd., 139 Bankr. 436, 445 (Bankr. N.D. Ill. 1992) ("Illinois law on fraudulent conveyance parallels sec. 548 of the Bankruptcy Code."). Whether reasonably equivalent value was received by

section 548 of the Federal Bankruptcy Code. See Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998). Reasonably equivalent value has been construed to include both direct and indirect benefits to the transferor, even if the benefit does not increase the transferor's net worth. See id. at 578; Mille

Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998); Bowers- Siemon Chems. Co. v. H.L. Blachford, Ltd., 139 Bankr. 436, 445 (Bankr. N.D. Ill. 1992) ("Illinois law on fraudulent conveyance parallels sec. 548 of the Bankruptcy Code."). Whether reasonably equivalent value was received by

Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998); Bowers- Siemon Chems. Co. v. H.L. Blachford, Ltd., 139 Bankr. 436, 445 (Bankr. N.D. Ill. 1992) ("Illinois law on fraudulent conveyance parallels sec. 548 of the Bankruptcy Code."). Whether reasonably equivalent value was received by

Leibowitz v. Parkway Bank & Trust Co. (In re Image Worldwide, Ltd.), 139 F.3d 574, 577 (7th Cir. 1998); Bowers- Siemon Chems. Co. v. H.L. Blachford, Ltd., 139 Bankr. 436, 445 (Bankr. N.D. Ill. 1992) ("Illinois law on fraudulent conveyance parallels sec. 548 of the Bankruptcy Code."). Whether reasonably equivalent value was received by

The satisfaction of a moral obligation, however, does not constitute "value" within the meaning of the FUFTA .

If the price is positive, the firm is solvent; if negative, insolvent.” The court held that, in making the insolvency determination for purposes of a preference-recovery action under section 548 of the Bankruptcy Code,18 contingent liabilities must be discounted by the probability of their occurrence.

If the price is positive, the firm is solvent; if negative, insolvent.” The court held that, in making the insolvency determination for purposes of a preference-recovery action under section 548 of the Bankruptcy Code,18 contingent liabilities must be discounted by the probability of their occurrence.