CopyCited 54 times | Published | United States Bankruptcy Court, M.D. Florida | 14 Fla. L. Weekly Fed. B 23, 43 U.C.C. Rep. Serv. 2d (West) 23, 2000 Bankr. LEXIS 1352, 2000 WL 1716185
...The court determined in Section V.D. above that many of the transfers at issue here were fraudulent transfers under Sections
726.105 and
726.106, Florida Statutes. [163] *155 The court must now determine which defendants are liable for these avoided transfers. Sections
726.108 and
726.109, Florida Statutes, govern the question of liability for transfers avoided under state law. Section
726.108, Florida Statutes, provides, in pertinent part, that: (1) In an action for relief against a transfer or obligation under ss.
726.101-726.112, a creditor, subject to the limitations in §
726.109 may obtain: (a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim; In addition, Section
726.109, Florida Statutes, provides, in pertinent part, that: (2) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under §
726.108(1)(a), the creditor may recover judgment for the...
... Liberty, Morrow, Angle, and Woodward, are subsequent transferees other than good faith transferees who took for value of the transfers avoided under Sections
726.105 and
726.106, Florida Statutes. King, Hunsaker II, Hunsaker III, and Ranney are not first or subsequent transferees within the meaning of Section
726.109(2)(a) or (b), Florida Statutes. Under Section
726.109(2), Florida Statutes, a complaining creditor is limited in its recovery to the extent of its claim or the value of the avoided transfer, whichever is less....
CopyCited 54 times | Published | United States Bankruptcy Court, M.D. Florida | 2002 WL 497034
...548(a), and Florida Statutes Sections
726.105(a) and (b),
726.106(1), and
726.108. The defendants deny the trustee's allegations. They assert that, even if transfers are deemed fraudulent conveyances, the transfers are not avoidable under Section 548(c) of the Bankruptcy Code and Florida Statute Section
726.109(1) because the defendants gave reasonably equivalent value and acted in good faith....
...Some of these payments are properly avoidable; others are not. None are automatically avoidable. Courts must assess the good or bad faith of each recipient to determine which are avoidable and which are not. This good faith defense is contained in Section 548(c) of the Bankruptcy Code and Florida Statutes Section 726.109(1)....
CopyCited 27 times | Published | Court of Appeals for the Eleventh Circuit | 2008 WL 539926
...bankruptcy court’s order granting in part and denying in part his cross-motion for
summary judgment. The trustee argues that, where the bankruptcy court has found
a fraudulent transfer avoidable pursuant to 11 U.S.C. § 548, neither 11 U.S.C.
§ 550(d) nor Fla. Stat. § 726.109(3) provide for the adjustment of the amount of
recovery based on pre-petition repayments to the Debtors or the Debtors’ creditors
where there has been a finding of actual fraud....
...ely
fraudulent, and therefore avoidable pursuant to 11 U.S.C. § 548.1 The sole issue on
appeal is whether the bankruptcy court erred in exercising its equitable powers to
calculate Wetzel’s liability pursuant to 11 U.S.C. § 550 and Fla. Stat. § 726.109.
Both 11 U.S.C. § 550 and Fla. Stat. § 726.109 provide that, to the extent that
a transfer is avoided, the trustee may recover the property or the value of the
property transferred from the initial transferee. 11 U.S.C. § 550(a)(1); Fla. Stat.
§ 726.109(2)(a)....
...1984) (holding that “a party who has
not appealed may not enlarge his rights under the judgment or diminish those of the opposing
party”). Accordingly, we decline to address this issue.
4
“adjusted as the equities may require.” Fla. Stat. § 726.109(3). The trustee is
entitled to recover the adjusted value of the asset “or the amount necessary to
satisfy the . . . claim, whichever is less.” Fla. Stat. § 726.109(2)....
CopyCited 20 times | Published | United States Bankruptcy Court, M.D. Florida | 2003 WL 23975405
...The funds equate to an objective tangible value. Constructive fraud has not been established since Kime provided value to Evergreen. 11 U.S.C. § 548(c) Defenses to Actual Fraud 19. While Kime and First American did not assert the 11 U.S.C. § 548(c) and Florida Statutes Section 726.109(1) defenses they are still reviewed....
...and the background of key employees. 26. Defendant did not take these steps and did not perform the minimal due diligence required to demonstrate good faith. The defenses available to actual fraud pursuant to 11 U.S.C. § 548(c) and Florida Statutes Section 726.109(1) are unavailable here due to lack of good faith....
CopyCited 16 times | Published | District Court, M.D. Florida | 2009 U.S. Dist. LEXIS 22559, 2009 WL 728546
...This section allows present creditors to avoid transfers made by a debtor "without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation." Fla. Stat. §
726.106(1). Finally, §
726.109(1) provides a "good faith defense" for transfers made with actual fraud under §
726.105( l )(a): "A transfer or obligation is not voidable under s.
726.105( l )(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee." Fla. Stat. §
726.109(1)....
CopyCited 12 times | Published | District Court, M.D. Florida | 1989 WL 237755
...United States v. Hickox,
356 F.2d 969, 974 (5th Cir.1966); Ressler,
433 F.Supp. at 464. Under the UFTA a transfer of property is not voidable against a person who took *1338 the property in good faith and for a reasonably equivalent value. Fla.Stat. §
726.109(1)....
CopyCited 9 times | Published | United States Bankruptcy Court, S.D. Florida. | 1998 Bankr. LEXIS 1756
...Based upon these badges of fraud, the Court finds that the Debtor transferred the Membership to Levenson with the intent to hinder, delay, or defraud his creditors under §
726.105(1)(a). VI. THE TRANSFER OF THE MEMBERSHIP IS NOT PROTECTED UNDER THE STATUTORY DEFENSE OF §
726.109(1). Even if a transfer is deemed a fraudulent conveyance under §
726.105(1)(a), *886 the transfer may not be voidable if the criteria for the statutory defense in §
726.109(1) are met....
...of his creditors. Accordingly, based upon the *887 Court's review of the totality of the circumstances, the Court finds that Levenson did not act in good faith and that she participated in the Debtor's scheme to defraud his creditors. The defense of §
726.109(1) is not applicable; the Membership was fraudulently transferred under §
726.105(1)(a) and is thus voidable....
...The Court also holds that the transfer of the Membership was a fraudulent conveyance under §
726.105(1)(a) because the Debtor had the actual intent to fraudulently transfer the Membership. This determination is based upon the Court's finding of several badges of fraud. The statutory defense under §
726.109(1), raised by Levenson, is inapplicable because the Court finds that she lacked good faith....
CopyCited 9 times | Published | United States Bankruptcy Court, S.D. Florida. | 21 Fla. L. Weekly Fed. B 17, 2007 Bankr. LEXIS 2714
...Finally, the Payment constituted a "transfer" by BCC of an interest in its property to the Bank. B. The Bank Has Pleaded No Applicable Defense to Count II As to Count II, the Bank's sole affirmative defense (that it "took the transfer in good faith and for a reasonably equivalent value") fails as a matter of law. § 726.109(1), Fla....
CopyCited 8 times | Published | Florida 4th District Court of Appeal | 2003 WL 22658104
...Finally, the appellee wives claimed that they should not be liable for the transfers, which now are limited to the profit distribution/compensation claim under section
726.106(1), simply because the funds were transferred to a bank account which they held jointly with their husbands. Section
726.109(2), Florida Statutes (2001), provides: [T]o the extent a transfer is voidable in an action by a creditor ..., the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3), or the amount necessary to satisfy the creditor's claim.......
CopyCited 6 times | Published | Florida 2nd District Court of Appeal | 2016 Fla. App. LEXIS 4820, 2016 WL 1238265
...ebtor and the third-party transferee, including the avoidance of the transfer, attachment against the asset transferred, injunctive relief, appointment of a receiver, and in the case of a judgment creditor, execution upon the transferred properties. § 726.109....
CopyCited 6 times | Published | United States Bankruptcy Court, S.D. Florida. | 13 Fla. L. Weekly Fed. B 166, 2000 Bankr. LEXIS 428
...The Plaintiff ("Trustee") alleges that she is entitled, as a matter of law, to a judgment (1) avoiding the Debtor's transfer to his wife of his interest in the proceeds from the sale of the couple's homestead, as a fraudulent transfer pursuant to 11 U.S.C. § 544(b), which makes applicable Fla.Stat. §§
726.105(1)(a) and
726.109(2)(a); (2) avoiding any subsequent transfers of said funds to third parties pursuant to Fla.Stat. §
726.109(2)(b); and (3) ordering turnover of said funds from the Debtor's wife and from any subsequent transferee pursuant to 11 U.S.C....
...Furthermore, the Debtor's wife did not give value in exchange for the Debtor's interest in the proceeds from the sale of their home. Accordingly, the Trustee argues that the transfer is subject to attack pursuant to 11 U.S.C. § 544(b), which renders applicable Fla. Stat. §§
726.105(1)(a) and
726.109(2)(a). Conversely, the Debtor argues that the transfer is not subject to attack under these statutes since the Florida Uniform Fraudulent Transfers Act, of which Sections
726.105 and
726.109 are a part, specifically provides that it may not be used to avoid the transfer of "property to the extent it is generally exempt under nonbankruptcy law" or "an interest in property held in tenancy by the entireties to the extent it is not s...
CopyCited 5 times | Published | United States Bankruptcy Court, M.D. Florida | 2011 WL 768745
...concludes Fox sold the PITA Assets to Africh Maintenance with the actual intent to defraud SWC's creditors and to personally benefit at their expense. [128] CHAPTER 4: Africh Did Not Receive the PITA Assets in Good Faith [129] Under Florida Statute § 726.109(1), a transferee of a purported fraudulent transfer may defend the action and prevent the Court from avoiding the transfer if he can show that he took the property "in good faith and for a reasonably equivalent value." [130] The transferee has the burden of establishing the good faith defense....
...Africh was hoping to maximize his recovery, knowing he and his companies would receive next to nothing in SWC's converted Chapter 7 case and to help his friend Fox cheat SWC's other creditors. Because Africh did not purchase the PITA Assets in good faith, he cannot rely on the good faith defense of Florida Statute § 726.109(1)....
...But they did raise it in an oblique way in their response to the Chapter 7 trustee's Second Amended Complaint, by asserting that Africh Maintenance "was a bona fide purchaser for value." (Doc. No. 96 in 04-ap-79). Nonetheless, to be thorough, the Court will address their possible good faith defense. [130] Fla. Stat. § 726.109(1)....
CopyCited 4 times | Published | Florida 1st District Court of Appeal | 2012 WL 4746471, 2012 Fla. App. LEXIS 16833
...Desak contends recording the deeds, like recording the UCC statements in Segal , gave constructive notice that had legal significance, but did not start the clock on the fraudulent transfer claim. . The statute specifically deals with subsequent, good faith purchasers for value. Section 726.109(2), Florida Statutes (2002), provides: ....
CopyCited 4 times | Published | United States Bankruptcy Court, M.D. Florida | 8 Fla. L. Weekly Fed. B 416, 1995 Bankr. LEXIS 327, 1995 WL 116253
...Pursuant to section
726.105(1)(b), the transfer of the beach cottage is voidable as a fraudulent transfer as to present and future creditors. The fact that the wife and daughter subsequently transferred their interests in the beach cottage to the Family Trust does not affect the voidability of the original transfer. Section
726.109 allows a creditor to recover judgment for the value of the asset transferred from: (a) the first transferee of the asset; or (b) any subsequent transferee other than a good faith transferee who took for value....
CopyCited 4 times | Published | District Court, M.D. Florida | 2013 WL 247004, 2013 U.S. Dist. LEXIS 8972
...Though Cloud has not raised the issue in her summary judgment response, she had included as her third affirmative defense that she was a good faith transferee. See doc. 22, third affirmative defense. Though Cloud incorrectly cited to the Bankruptcy Code provision, the applicable statute is Fla. Stat. § 726.109 (1) that provides a “good faith” defense for transfers made with actual fraud under Fla....
CopyCited 4 times | Published | District Court, M.D. Florida | 2013 WL 247072, 2013 U.S. Dist. LEXIS 8995
...were based upon his scheme spanning from 1999 through 2009, and made statements, discussed supra, admitting his criminal activity. 27 Morgan fails to alter the overwhelming quantum of evidence the Receiver presents. 5. affirmative defense Fla. Stat. § 726.109 (1) provides a “good faith” defense for transfers made with actual fraud under Fla....
CopyCited 4 times | Published | United States Bankruptcy Court, M.D. Florida | 22 Fla. L. Weekly Fed. B 625, 2010 Bankr. LEXIS 4314, 54 Bankr. Ct. Dec. (CRR) 32, 2010 WL 4977118
..."has pled himself out of court by alleging facts in the Subject Adversaries from which it is facially apparent that the Test Case No. 1 Claims are subject to and barred by the good faith defense" under § 548(c) of the Bankruptcy Code and Fla. Stat. § 726.109(1)....
CopyCited 3 times | Published | Florida 1st District Court of Appeal
...Act” (boldface omitted)). Section
726.108, Florida Statutes, provides:
(1) In an action for relief against a transfer or
obligation under ss.
726.101-726.112, a creditor, subject
to the limitations in s.
726.109 may obtain:
(a) Avoidance of the transfer or obligation to the
extent necessary to satisfy the creditor’s claim;
(b) An attachment or other provisional remedy
against the...
...Any other relief the circumstances may require.
(2) If a creditor has obtained a judgment on a
claim against the debtor, the creditor, if the court so
orders, may levy execution on the asset transferred or its
proceeds.
Section 726.109(2), Florida Statutes, provides that “to the extent a transfer is
voidable in an action by a creditor under s....
...nsferred, as adjusted under subsection (3), or
4
the amount necessary to satisfy the creditor’s claim, whichever is less.” See Myers
v. Brook,
708 So. 2d 607, 610 n.1 (Fla. 2d DCA 1998) (noting that “section
726.109(2)(a), Florida Statutes (1993) permits a money judgment to be entered
against the first transferee of the fraudulently conveyed assets”).
The trial court also ruled that the appellees were “entitled to a setoff of both
t...
CopyCited 3 times | Published | Court of Appeals for the Eleventh Circuit | 2015 A.M.C. 1321, 2015 WL 151703, 2015 U.S. App. LEXIS 511
...ailed to establish that the transfer was
made “without reasonably equivalent value,” but this argument misses the boat.
Reasonably equivalent value is not an element of proof under section
726.106(2) or
any associated defenses, see Fla. Stat. §
726.109....
...receiving a reasonably equivalent value,” subsection (1) is unrelated to whether a
transfer to an insider is fraudulent under subsection (2). Id. §
726.106.
Straub also argues that the transfer is not voidable because he gave “new
value” for the transfer, id. §
726.109(6), but this argument too fails. Section
10
Case: 13-15349 Date Filed: 01/13/2015 Page: 11 of 12
726.109(6) provides that a transfer to an insider is not voidable “[t]o the extent the
insider gave new value to . . . the debtor after the transfer was made.” Id. §
726.109(6). Straub presented no evidence that he gave any value after the transfer
was made; he instead proved only that he released the antecedent debt. But section
726.109(6) applies when an insider gives new value after a transfer. See Unif.
Fraudulent Transfer Act § 8 cmt. 6 (2006) (explaining that section
726.109(6) “is
adapted from § 547(c)(4) of the Bankruptcy Code, which permits a preferred
creditor to set off the amount of new value subsequently advanced against the
recovery of a voidable preference”).
The district court did not err....
CopyCited 3 times | Published | United States Bankruptcy Court, M.D. Florida | 22 Fla. L. Weekly Fed. B 623, 2010 Bankr. LEXIS 4313, 2010 WL 4977126
...ite actual fraudulent intent. As to the trustee's second argument for partial summary judgment, the trustee argues Mercantile should be denied use of the good faith affirmative defense provided by § 548(c) of the Bankruptcy Code and Florida Statute § 726.109(1)....
CopyCited 2 times | Published | United States Bankruptcy Court, M.D. Florida
...e is no genuine dispute as to any material fact and that it is entitled to judgment as a matter of law. As explained below, the Court’s ruling is based, in part, upon the good faith defense to fraudulent transfer actions provided for by Fla. Stat. § 726.109 (1)....
...48 *301 The first claim is generally referred to as an “actual fraudulent transfer,” and the second and third claims are generally referred to as “constructive fraudulent transfer” claims. In order to prevail on her affirmative defense to the actual fraud claim under Fla. Stat. § 726.109 (1), the Trustee must demonstrate that she accepted the settlement payments from Berkman in good faith and for reasonably equivalent value....
...§§
726.105 (l)(b) and
726.106(1), the Court finds that Plaintiffs have not met their burden of proof on their constructively fraudulent transfer claims. Therefore, the Court grants summary judgment in favor of the Trustee, the Sy-nectic Funds, and Aleo on Plaintiffs’ Counts II and III. 2. Good Faith Section
726.109(1), Florida Statutes, provides a defense to claims made under Fla....
...That Berkman is a sophisticated pitchman who, as it turned out, was perpetrating a fraud is beyond the Trustee’s control and outside the scope of knowledge with which she can be charged. Accordingly, the Court finds that the Trustee accepted Berkman’s settlement payments in good faith as that term is used in Fla. Stat. § 726.109 (1). Because the Trustee has established both elements of her affirmative defense under Fla. Stat. § 726.109 (1), she is entitled to summary judgment on Count I of Plaintiffs’ claims for actual fraudulent transfers. And because they are subsequent transferees of the settlement payments, as recipients of the Trustee’s distributions in the Berkman Case, the Synectic Funds and Aleo are also entitled to rely on the defense afforded in Fla. Stat. § 726.109 (1), and the Court likewise grants summary judgment in their favor on Plaintiffs’ actual fraudulent transfer claims....
CopyCited 2 times | Published | District Court, S.D. Florida | 2013 WL 5770677, 2013 U.S. Dist. LEXIS 152869
...Coastal Utils., Inc.,
814 So.2d 1227, 1230 (Fla. 4th DCA 2002) (citation omitted). Nevertheless, “[a] transfer or obligation is not voidable ... against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.” Fla. Stat. §
726.109 (1)....
...btor was insolvent.” A transfer is not voidable under this sec *1330 tion “[t]o 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.” Fla. Stat. § 726.109 (6)(a)....
...Finally, the antecedent debt was not truly Straub’s, but rather, Burrell Industries’ debt. The insider Straub did not give new value to or for the benefit of Burrell after the transfer was made, a way in which the transfer might not be voidable pursuant to Florida Statute section 726.109(6)(a)....
CopyCited 2 times | Published | United States Bankruptcy Court, M.D. Florida | 2007 Bankr. LEXIS 4422, 2007 WL 4699047
...In, re World Vision Entertainment, Inc.,
275 B.R. 641, 656 (Bankr. M.D.Fla.2002). Remedies for a plaintiff seeking to avoid a transfer are set forth in Section
726.108. Those remedies are limited by the defenses to a fraudulent transfer action set forth in Section
726.109....
...relation to the business or transaction; or 2. Intended to incur, or believed or reasonably should have believed that he or she would incur, debts beyond his or ability to pay as they became due. FLA. STAT. §
726.105(1) (West 2000). [79] FLA. STAT. §
726.109 (West 2000)....
CopyCited 2 times | Published | United States Bankruptcy Court, M.D. Florida
...on Count VII at this time. 86 V. PLAINTIFF'S MOTION AS TO REGIONS' NINTH AFFIRMATIVE DEFENSE-GOOD FAITH In its Ninth Affirmative Defense, Regions contends that even if the Court finds *411 the Subject Transfers to be constructively fraudulent under §
726.109(1), they are not subject to avoidance because Regions took them for value and in good faith. Section
726.109(1) specifically applies to fraudulent transfers voidable under §
726.105(1)(a), which are transfers made "[w]ith actual intent to hinder, delay, or defraud any creditor of the debtor;" §
726.109(1) is not relevant to constructively fraudulent transfers....
...Under § 550(b)(1), the trustee may not recover against a transferee that "takes for value, ... in good faith, and without knowledge of the voidability of the transfer avoided." To the extent Regions seeks to assert the good-faith defense to Plaintiff's avoidance claims for actual fraud under § 726.109(1) (Counts I and III of the Complaints) and to Plaintiff's claim for recovery under 11 U.S.C....
CopyCited 2 times | Published | United States Bankruptcy Court, M.D. Florida | 2013 WL 3943279, 2013 Bankr. LEXIS 3091
...Accordingly, issues of fact exist in this case as to whether all of the transfers identified in the Complaint fall within the applicable limitations period, and how the amount of any recovery by the Plaintiff should be calculated. Additionally, 11 U.S.C. § 548 (c) and Fla. Stat. § 726.109 (1) provide transferees with a defense to fraudulent transfer actions based on actual fraud, if the transferees gave value in exchange for the transfers and acted in good faith....
...s investments provided reasonably equivalent value for the transfers. Accordingly, issues of fact exist as to whether the Defendant received the trans *558 fers for value and in good faith pursuant to the good faith defense provided by § 548(e) and § 726.109(1)....
...The good faith defense Section 548(c) of the Bankruptcy Code provides that a transferee of a fraudulent transfer “that takes for value and in good faith” may retain any interest transferred to the extent of the value given. 11 U.S.C. § 548 (c). Section
726.109(1) of the Florida Statutes provides that a fraudulent transfer under §
726.105(l)(a) is not voidable “against a person who took in good faith and for a reasonably equivalent value.” Fla. Stat. §
726.109 (1)....
...ld be calculated. Accordingly, genuine disputes of material fact exist in this case regarding whether the Defendant received the payments for value and in good faith pursuant to the good faith defense provided by § 548(c) of the Bankruptcy Code and § 726.109(1) of the Florida Statutes....
...Accordingly, issues of fact exist in this case as to whether all of the transfers identified in the Complaint fall within the applicable limitations period, and how the amount of any recovery by the Plaintiff should be calculated. Additionally, 11 U.S.C. § 548 (c) and Fla. Stat. § 726.109 (1) provide transferees with a defense to fraudulent transfer actions based on actual fraud, if the transferees gave value in exchange for the transfers and acted in good faith....
...his investments provided reasonably equivalent value for the transfers. Accordingly, issues of fact exist regarding whether the Defendant received the payments for value and in good faith pursuant to the good faith defense provided by § 548(c) and § 726.109(1)....
CopyCited 1 times | Published | United States Bankruptcy Court, S.D. Florida.
...The Foundation assumes that the Trustee can satisfy his burdens under § 548(a) and Florida Statute §§
726.105(1) and
726.106(1). However, the Foundation asserted valid defenses to this action as a matter of law. See 11 U.S.C. § 548 (c), and Florida Statute §
726.109(4)....
...ts business, and provided sufficient value to RRA. Therefore, the Foundation provided value for all of the aforementioned transfers. For the same reasons set forth above, the Trustee cannot recover these transfers under § 548(c) and Florida Statute § 726.109(4) because the Foundation has proved the defenses under 11 U.S.C. § 548 (c), and Florida Statute § 726.109(4)....
CopyCited 1 times | Published | District Court, S.D. Florida | 2011 WL 5873054, 2011 U.S. Dist. LEXIS 134871
...Servs., Inc.),
408 F.3d 689, 703 (11th Cir.2005). . Andreini & Co. v. Pony Express Delivery Servs., Inc. (In re Pony Express Delivery Servs., Inc.),
440 F.3d 1296 (11th Cir.2006). . 11 U.S.C. § 550 (a). This provision of the Bankruptcy Code is essentially equivalent to Fla. Stat. §
726.109 (2). Section 550(a)(1) provides: "Except as otherwise provided ... the trustee may recover ... from ... the initial transferee of such transfer or the entity for whose benefit such transfer was made.” Section
726.109(2)(a) provides: “Except as otherwise provided ... the creditor may recover ... against ... [t]he first transferee of the asset or the person for whose benefit the transfer was made.” The Court finds the cited case law construing § 550(a)(1) equally applicable to §
726.109(2)(a).
CopyCited 1 times | Published | Florida 3rd District Court of Appeal | 2008 Fla. App. LEXIS 3883, 2008 WL 723841
...(7) there was not a written purchase and sale contract to evidence the sale of the Lilandia property to WRJ. Next, the circuit court examined whether WRJ took the property in good faith, thereby establishing a defense to the fraudulent transfer. See § 726.109(1), Fla....
CopyCited 1 times | Published | District Court, M.D. Florida | 2014 U.S. Dist. LEXIS 86432, 2014 WL 2882938
...for its alleged participation in the negotiations of the sale.” (Id.). The Trustee reasons, however, that “Plaintiff may recover a fraudulent transfer directly from the person for whose benefit the transfer was made.” (Id. at 29). (quoting Fla. Stat. § 726.109 (2)(a); 11 U.S.C....
CopyCited 1 times | Published | Florida 4th District Court of Appeal | 2014 WL 51686, 2014 Fla. App. LEXIS 144
...Chapter 726 “prevents debtors from placing property beyond reach of their creditors when those assets should legitimately be made available to satisfy creditor demands.” Id. A fraudulent transfer of property is voidable at the instance of a creditor. See § 726.109(1), Fla....
CopyCited 1 times | Published | Florida 3rd District Court of Appeal
...The judgment may be entered against: (a) The first transferee of the asset or the person for whose benefit the transfer was made; or (b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee. § 726.109(2), Fla....
CopyCited 1 times | Published | District Court, M.D. Florida | 75 A.F.T.R.2d (RIA) 1660, 1995 U.S. Dist. LEXIS 3234
...the creditor’s claim. Fla.Stat.Ann. §
726.108(l)(a) (West 1988). Transferees of conveyances which are found to be fraudulent may nonetheless establish the priority of their interests by successfully raising any defense enumerated in Fla.Stat.Ann. §
726.109. Thus Mead’s transfer of Parcels 1, 2, and 3 to the Hysells is voidable by the United States, unless and except to the extent any of the defenses under Fla.Stat.Ann. §
726.109 apply....
...§
726.110(1), the United States had four years to bring its claim for relief. A brief glance at the facts of the case reveal that the fraudulent conveyance claim was not time barred. The Court finds that Vernon Hysell’s one-half interest in Parcel 1 falls within the protection afforded by Fla.Stat.Ann. §
726.109, but that the other interests claimed by Vernon Hysell and Sandra Hysell in the three properties transferred by the January 31, 1992 quitclaim deed do not fall within the relief provisions of Fla.Stat.Ann. §
726.109....
...Washington Street Property (“Parcel 1”) Under Florida’s fraudulent conveyance statute, a creditor may not void a transfer under Fla.Stat.Ann. §
726.105(l)(a) against any person “who took in good faith and for a reasonably equivalent value ...” Fla.Stat.Ann. §
726.109(1) (West 1988)....
...This evidence suggests that the conveyance of Parcels 1, 2, and 3 was not in satisfaction of pre-existing debt. The Hysells argue in the alternative that Mead’s conveyance of the three parcels by quitclaim deed was as a security for a debt, and that therefore the Hysells are entitled, under Fla.Stat.Ann. § 726.109, to an equitable lien on the properties in the amount of their unsatisfied debt from Mead....
...The Court finds, in light of the evidence, that Mead and the Hysells did not intend to nor did they create a security interest in the subject properties based on a debt owed to Vernon Hysell by Mead. It follows that the Hysells do not have an equitable lien in the subject properties through the operation of Fla.Stat.Ann. § 726.109....
CopyPublished | District Court of Appeal of Florida
erroneously reads the term “good faith” in section
726.109(1), Florida Statutes (2017), within Chapter
CopyPublished | Florida 3rd District Court of Appeal
...for the protection of
such claimants.
Mr. Nieto’s counsel also executed a “verified memorandum” regarding his
interpretation of the fraudulent transfer statutes and case law. Counsel erroneously
reads the term “good faith” in section 726.109(1), Florida Statutes (2017), within
Chapter 726 (“Fraudulent Transfers”), to mean that an unrelated transferee has no
notice that a transferor has creditors....
CopyPublished | District Court, M.D. Florida | 1993 WL 556934
...Other than these parcels, Kenneth owns no other assets which will satisfy his outstanding tax liabilities. Although Plaintiff contends that he is able to avail himself of the statutory defense— that Harvey is a non-knowing purchaser for value — this contention is meritless. See Fla. StatAnn. § 726.109 (1988)....
CopyPublished | Florida 3rd District Court of Appeal | 2000 Fla. App. LEXIS 2004, 2000 WL 227938
...Mansolillo also challenges the amount of the judgment entered by the trial court. Under the Fraudulent Transfer Act, “the creditor may recover judgment for the value of the asset transferred ... or the amount necessary to satisfy the creditor’s claim, whichever is less.” Id § 726.109(2)....
CopyPublished | United States Bankruptcy Court, S.D. Florida.
...(In re Model Imperial, Inc.),
250 B.R. 776, 793-94 (Bankr. S.D. Fla. 2000) (applying this analysis to rule that payment of a pre-existing debt may constitute a fraudulent transfer). Other provisions of the relevant statutes, e.g., section 548(c) and Fla. Stat. §
726.109 (1), provide affirmative defenses that focus on whether the defendant received a transfer “for value.” Id....
CopyPublished | Florida 4th District Court of Appeal
...of a person who took in good faith and for a reasonably equivalent value.
Under the UFTA, a transfer “is not voidable under s.
726.105(1)(a)
against a person who took in good faith and for a reasonably equivalent
value or against any subsequent transferee or obligee.” §
726.109(1), Fla.
Stat....
...or
Adrian.
But Adrian was not a transferee of the Aventura Unit, nor was he a
transferee of the funds used to purchase the Aventura Unit. In short,
Adrian never “took” the Aventura Unit or the funds used to purchase it
within the meaning of section 726.109(1).
12
“The general rule is that corporations are legal entities separate and
distinct from the persons comprising them.” Am....
...property.
Mane asks this court to pretend that Adrian was the recipient of the
funds used to purchase the Aventura Unit. But Mane’s theory that Adrian
was the “constructive recipient” of the funds is inconsistent with the plain
language of section 726.109(1)....
CopyPublished | Florida 3rd District Court of Appeal
...The judgment may be entered against: (a) The first transferee of the asset or the person for whose benefit the transfer was made; or (b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee. § 726.109(2), Fla....
CopyPublished | District Court, M.D. Florida | 2013 WL 246731, 2013 U.S. Dist. LEXIS 8969
...xhibits demonstrating her thorough analysis of financial statements. See Yip Decl. ¶¶ 59-60, 82, Ex. 6-61, March 23, 2012; Yip Decl. ¶¶ 25-31, Oct. 11, 2012 (Wiand v. Meeker, 8:10-cv-166, docs. 61, 101). . Dancing $ answered that, per Fla. Stat. § 726.109 , it was a good faith transferee without knowledge of any indicia of fraud who provided reasonably equivalent value for any amounts received....
CopyPublished | Florida 2nd District Court of Appeal
...Instead of conducting a thorough evidentiary hearing on the issues
of actual intent and TRA's defense that it acted in good faith and
provided a reasonably equivalent value, the trial court acted quickly to
stave off what it saw as impending disaster. See § 726.109(1) ("A transfer
or obligation is not voidable under s....
...opportunity to present witnesses or testify on his or her own behalf, the
court has violated that party's fundamental right to procedural due
process.").
Without an evidentiary hearing, the trial court prevented TRA from
marshalling evidence to contest Vivian's allegations. See § 726.109(1);
see also Cole v....
CopyPublished | United States Bankruptcy Court, S.D. Florida. | 2010 Bankr. LEXIS 417
...The Defendants Have Failed to Show that the Trustee is Not Entitled to a Money Judgment Based on the Pleadings. Under Florida law, a creditor may recover a judgment against the first transferee or any subsequent transferee of a fraudulent transfer. Fla. Stat. § 726.109(2)....
CopyPublished | Court of Appeals for the Eleventh Circuit
...rder granting in part and denying in part his cross-motion for summary judgment. The trustee argues that, where the bankruptcy court has found a fraudulent transfer avoidable pursuant to 11 U.S.C. § 548 , neither 11 U.S.C. § 550 (d) nor Fla. Stat. § 726.109 (3) provide for the adjustment of the amount of recovery based on pre-petition repayments to the Debtors or the Debtors’ creditors where there has been a finding of actual fraud....
...ely fraudulent, and therefore avoidable pursuant to 11 U.S.C. § 548 . 1 The sole issue on appeal is whether the bankruptcy court erred in exercising its equitable powers to calculate Wet-zel’s liability pursuant to 11 U.S.C. § 550 and Fla. Stat. § 726.109 . *877 Both 11 U.S.C. § 550 and Fla. Stat. § 726.109 provide that, to the extent that a transfer is avoided, the trustee may recover the property or the value of the property transferred from the initial transferee. 11 U.S.C. § 550 (a)(1); Fla. Stat. § 726.109 (2)(a). Florida law provides that the value of the asset transferred may be “adjusted as the equities may require.” Fla. Stat. § 726.109 (3). The trustee is entitled to recover the adjusted value of the asset “or the amount necessary to satisfy the ... claim, whichever is less.” Fla. Stat. § 726.109 (2)....
CopyPublished | Florida 4th District Court of Appeal
...transfer of the 1906 Property was made with the intent to delay, hinder,
or defraud Strong’s creditors and was fraudulent under section
726.105,
Florida Statutes (2016). As part of the suit, Westport also sought monetary
damages against Appellant under section
726.109(2), Florida Statutes
(2016)....
...The trial court
determined that the transfer of the 1906 Property from Strong to Appellant
was a fraud upon Strong’s creditors and voidable under section
726.108(1)(a), Florida Statutes (2016). The trial court also found Westport
was entitled to money damages from Appellant under section
726.109(2).
Summary judgment is appropriate “if the pleadings and summary
judgment evidence on file show that there is no genuine issue as to any
material fact and that the moving party is entitled to a judgment as a
matter of law.” Fla....
CopyPublished | United States Bankruptcy Court, M.D. Florida | 25 Fla. L. Weekly Fed. B 156, 2014 Bankr. LEXIS 5152, 60 Bankr. Ct. Dec. (CRR) 116
...1 In a similar fashion, §
726.108, Florida Statutes, provides that a creditor (and in this case the trustee standing in the shoes of an unsecured creditor under 11 U.S.C. § 544 (b)(1)) may avoid a transfer that is fraudulent under either §
726.105 or §
726.106, Florida Statutes. 2 Section
726.109, Florida Statutes, provides that to the extent a transfer is avoidable under §
726.108(a)(1), then judgment for the value of the asset transferred may be entered against the first transferee of the asset or the person for whose benefit the transfer was made....
...transfers. 6 The Plaintiff has done this. Accordingly, it is ORDERED: 1. The Motion to Dismiss is DENIED. 2. The Defendants will have 14 days from the date of this Order to file an answer. . 11 U.S.C. § 558 (a)(1). . §
726.108(l)(a), Fla. Stat. . §
726.109(2)(a), Fla....
CopyPublished | United States Bankruptcy Court, M.D. Florida | 2009 Bankr. LEXIS 1063, 2009 WL 1080019
...t was appropriate given the circumstances of that case. Dowling v. Davis, Appeal No. 07-15596 (11th Cir. Sept. 22, 2008) ("Order on Appeal"). The Florida fraudulent transfer statute provides that a creditor may obtain, "subject to the limitations in s. 726.109," the following in an action under Chapter 726 of the Florida Statutes: (a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim; (b) An attachment or other provisional remedy against the asset tr...
...licable principles of equity and in accordance with applicable rules of civil procedure: 1. An injunction . . .; 2. Appointment of a receiver . . .; 3. Any other relief the circumstances may require. Fla. Stat. §
726.108(1) (2008). Florida Statutes section
726.109 provides, among other things: Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under s.
726.108(1)(a), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3), or the amount necessary to satisfy the creditor's claim, whichever is less. Id. §
726.109(2)....
...Where a creditor elects to seek a judgment, "[i]f the judgment . . . is based upon the value of the asset transferred, [it] 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." Fla. Stat. § 726.109(3)....
CopyPublished | District Court of Appeal of Florida | 1995 Fla. App. LEXIS 3707, 1995 WL 214966
...This ruling, however, was made in the absence of a statute. Since Poe, the legislature substantially codified the holding of Poe in section
726.106(2). But in doing so, the legislature provided that such a preferential transfer would not be voidable “if made in the ordinary course of business.” Section
726.109(6)(b)....
CopyPublished | Court of Appeals for the Eleventh Circuit
Argued: Nov 18, 2022
...Florida Statute §
726.108 provides the following creditors’
remedies under FUFTA:
(1) In an action for relief against a transfer or obliga-
tion under [§§]
726.101-726.112, a creditor, subject to
the limitations in [§]
726.109 may obtain:
(a) Avoidance of the transfer or obligation to the ex-
tent necessary to satisfy the creditor’s claim;
(b) An attachment or other provisional remedy
against the asset trans...
...ned a judgment on a claim
against the debtor, the creditor, if the court so orders,
may levy execution on the asset transferred or its pro-
ceeds.
(Emphasis added).
And Florida Statute §
726.109, which establishes certain lim-
itations to the remedies in section
726.108(1)(a), provides in rele-
vant part:
(2) Except as otherwise provided in this section, to the
extent a transfer is voida...
...sset or the person for
whose benefit the transfer was made; or
(b) Any subsequent transferee other than a good faith
transferee who took for value or from any subsequent
transferee.
Id. § 726.109(2)....
...(or other property of the transferee); or (3) “[a]ny other relief the
circumstances may require.” Id. §
726.108(1)(c) (emphasis added).
The only part of FUFTA that expressly addresses monetary
judgments and that is relevant here is section
726.109, which estab-
lishes certain limitations on the remedies provided for in section
726.108. Section
726.109(2) provides that, when a transfer is void-
able by a creditor under section
726.108(1)(a), the creditor may re-
cover a money judgment that may be entered against either (1)
“[t]he first transferee of the ass...
...30
16 Opinion of the Court 21-11736
(declining to find that punitive damages were available under the
Employment Retiring Income Security Act). Critically here, sec-
tion
726.109(2) does not authorize a money judgment to be entered
against the transferor or debtor when seeking to avoid a transfer
under section
726.108(1)(a)....
...to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured, or un-
secured.” In turn, when a creditor is seeking avoidance of a fraud-
ulent transfer under section
726.108(1)(a), section
726.109(2) au-
thorizes a money judgment against a transferee but limits that
judgment to “the value of the asset transferred, as adjusted under
subsection (3), or the amount necessary to satisfy the creditor’s...
