![]() ![]() The deed to the 27 acre farm was in the name of Fred Hobbs only.Using his ill- gotten gains, Fred Hobbs purchased a 27 acre farm in March of 2005.ğred Hobbs used the powers of attorney to transfer farmland of one uncle worth over $1 million dollars to himself and to misuse funds of his other uncle.ğred Hobbs obtained powers of attorney for uncles who had substantial assets.In a recent fraudulent conveyance case, the Court of Appeals of Tennessee ruled that the transfer of a 27 acre farm by one spouse to the other was a fraudulent conveyance. In some circumstances, a court might even enter a money judgment in favor of a creditor and against the spouse which received the fraudulent conveyance. Or, it might order the property sold to satisfy the claim of a creditor. It might negate the transfer so that the property reverts to the spouse with the debt so that his or her creditors can collect against it. If a transfer is found to be a fraudulent conveyance, a Tennessee court has a range of options to assist a wronged creditor. When this occurs, it is possible, depending on the facts, that a Tennessee court might declare the transfer to be a fraudulent conveyance (also referred to as a “fraudulent transfer”). Some spouses try to avoid paying debts by transferring property they own individually to the other spouse so that both spouses own the property jointly. Why so? Jointly owned property, in many circumstances, is not subject to a creditor’s claim against just one of the spouses. ![]() Collecting a judgment or debt owed from either a husband or wife, but not owed by them jointly, can be difficult, if not impossible. ![]()
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