Fraudulent Conveyance

Grant of summary judgment to judgment creditor, AFFIRMED in its suite against debtor and debtor’s LLC to set aside fraudulent transfer of real property; trial court did not err in finding that debtor was insolvent when he transferred real property worth between $850K and $1M to LLC and received no money for conveyance; even if debtor did not contradict himself regarding his solvency at time of transfer, evidence showed that he became insolvent as result of transfer and record supported trial court’s finding that debtor’s explanation for contradictions between his October 2008 deposition testimony and his self-serving March 2009 affidavit testimony was not reasonable, since no evidence supported debtor’s belated claim that value of his assets declined so significantly over 7-month period between transfer and debtor’s  deposition; evidence authorized trial court to find as matter of law that debtor received no reasonably equivalent value for transfer, since he said he received no money or other compensation in his deposition and failed to submit any documents supporting his claim that he received consideration for property.

Rapp v. Escante Inc., A10A0784 (05/28/2010), 10 FCDR 1872

From:  Fulton County Daily Report (06/18/2010)