(a) A transfer or obligation is not voidable under § 1304(a)(1) of this title against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under § 1307(a)(1) of this title, the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c) of this section, or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good-faith transferee or obligee who took for value or from any subsequent transferee or obligee.
(c) If the judgment under subsection (b) of this section is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer or an obligation under this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(1) A lien on or a right to retain any interest in the asset transferred;
(2) Enforcement of any obligation incurred; or
(3) A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under § 1304(a)(2) or § 1305 of this title if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with Article 9 of the Uniform Commercial Code.
(f) A transfer is not voidable under § 1305(b) of this title:
(1) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
70 Del. Laws, c. 434,
§
1;
Notes of Decisions
Crystallex Int'l Corp. v. Petróleos De Venezuela, S.A., 879 F.3d 79 (3rd Cir. 2018).
· cites it 4× “6 Del. C. § 1308. Crystallex seems to suggest that since good faith transferees are not liable under the statute, relief should be afforded against bad faith non-debtor transferors.”
Burtch v. Seaport Capital, LLC (In re Direct Response Media, Inc.), 466 B.R. 626 (Bankr. D. Del. 2012).
· cites it 2× “§ 550 (a); see also 6 Del. C. § 1308(b). The Trustee has not established that Defendants Seaport, Stewart, Collis, Tamashunas and Meyers were initial transferees, or an entity for whose benefit the transfer was made.”
ASARCO LLC v. Americas Mining Corp., 396 B.R. 278 (S.D. Tex. 2008).
“6 Del. C. § 1308(a). As the Court finds ASARCO failed to meet its burden of proving the constructive fraudulent transfer claim, AMC need not prove its good faith to escape liability on this allegation.”
Miller v. McCown De Leeuw & Co. (In Re the Brown Schs.), 368 B.R. 394 (Bankr. D. Del. 2007).
“§§ 550 (a), 544(b); 6 Del.Code Ann. § 1308(b). Section 550 of the Bankruptcy Code provides: (a) Except as otherwise provided in this section, to the extent that a transfer is avoided under section 544, 545, 547, 548, 549, 553(b), or 724(a) of this title, the trustee may recover,…”
Jeffreys v. Exten, 784 F. Supp. 146 (D. Del. 1992).
“” 6 Del.C. § 1308. As Plaintiff has adequately alleged that the assorted conveyances constituting Defendant’s purported scheme to defraud were conducted with either intent to defraud or for inadequate consideration, such transfers fall within the plain language of the fraudulent…”
Parker Sch. Uniforms, LLC (Bankr. D. Del. 2021).
“In order to show that Plexus is a non-statutory insider of PSU, the Trustee has to plead facts to show: (1) a close relationship between the debtor and the creditor; and (2) anything other than 42 6 Del. C. § 1308(b), TUFTA § 24.002(7)(B) and NC UVTA § 39.”
Parker Sch. Uniforms, LLC - Adversary Proceeding (Bankr. D. Del. 2021).
“In order to show that Plexus is a non-statutory insider of PSU, the Trustee has to plead facts to show: (1) a close relationship between the debtor and the creditor; and (2) anything other than 42 6 Del. C. § 1308(b), TUFTA § 24.002(7)(B) and NC UVTA § 39.”
— 6 Del. C. § 1308(a) — 4 cases
ASARCO LLC v. Americas Mining Corp., 396 B.R. 278 (S.D. Tex. 2008).
“6 Del. C. § 1308(a). As the Court finds ASARCO failed to meet its burden of proving the constructive fraudulent transfer claim, AMC need not prove its good faith to escape liability on this allegation.”
— 6 Del. C. § 1308(b) — 7 cases
Miller v. McCown De Leeuw & Co. (In Re the Brown Schs.), 368 B.R. 394 (Bankr. D. Del. 2007).
“§§ 550 (a), 544(b); 6 Del.Code Ann. § 1308(b). Section 550 of the Bankruptcy Code provides: (a) Except as otherwise provided in this section, to the extent that a transfer is avoided under section 544, 545, 547, 548, 549, 553(b), or 724(a) of this title, the trustee may recover,…”
Parker Sch. Uniforms, LLC (Bankr. D. Del. 2021).
“In order to show that Plexus is a non-statutory insider of PSU, the Trustee has to plead facts to show: (1) a close relationship between the debtor and the creditor; and (2) anything other than 42 6 Del. C. § 1308(b), TUFTA § 24.002(7)(B) and NC UVTA § 39.”
Parker Sch. Uniforms, LLC - Adversary Proceeding (Bankr. D. Del. 2021).
“In order to show that Plexus is a non-statutory insider of PSU, the Trustee has to plead facts to show: (1) a close relationship between the debtor and the creditor; and (2) anything other than 42 6 Del. C. § 1308(b), TUFTA § 24.002(7)(B) and NC UVTA § 39.”
— 6 Del. C. § 1308(b)(1) — 3 cases
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