OCR Text |
Show FAMILY GROUP CLE AROF FRAUD A ruling clarifying a fair consideration con-sideration within the meaning of the fraudulent conveyance act was given giv-en by the state supreme court Tuesday Tues-day in holding a transfer of property proper-ty by the Dooley Brothers' association associa-tion did not violate the act. The Utah Assets corporation had sued the association, a family corporation, cor-poration, refusing to accept a deed to property mortgaged to the plaintiff plain-tiff by the association. The association conveyed other property to members of the association asso-ciation and the question before the oourt was whether the consideration considera-tion paid by John E. Dooley for such transfer was a fair consideration considera-tion within meaning of the act The court held a valuation is that which can be made promptly effective ef-fective by an owner to pay bis debts. |