Question: William Kranich Jr was the sole shareholder in the DuVal

William Kranich, Jr., was the sole shareholder in the DuVal Finance Corporation (DFC). On November 10, Kranich filed a voluntary petition for relief under Chapter 7; on the following January 6, DFC also filed a voluntary petition under Chapter 7. Prior to the commencement of the Chapter 7 proceedings, Kranich conveyed his personal residence in Clearwater, Florida, to DFC. The transfer was wholly without consideration. Shortly thereafter, DFC transferred the property to William Kranich III and June Elizabeth Kranich, Kranich's son and daughter, as tenants in common. This transfer was also without consideration. The bankruptcy trustee brought suit to recover the property from the son and daughter on the grounds that the transfer was fraudulent. Could the trustee recover the property on the grounds that its transfer, without consideration, was fraudulent?

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  • CreatedJuly 16, 2014
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