Meng v. Fan
No trust was proven to show the son was the beneficial owner from 2013; the May 2021 transfer occurred when multiple claims against the transferor were pending, conveyed the transferor's sole significant real asset for nominal consideration to a close family member, giving rise to badges of fraud and a presumption of intent which the defendants failed to rebut; the claim was timely because judgment in the underlying action was obtained on February 12, 2024 and this action was commenced within the limitation period, therefore the transfer is void as against creditors.
Source excerpt
- Fraudulent conveyance under fca
- Badges of fraud
- Transfer of beneficial interest
- Discoverability and limitation periods
- Familial transfers and nominal consideration