Summary
holding that conveyances made “after commencement of plaintiff's arbitration against the transferor” fell within the provisions of NYDCL section 273–a
Summary of this case from First Keystone Consultants, Inc. v. Schlesinger Elec. Contractors, Inc.Opinion
June 2, 1998
Appeal from the Supreme Court, New York County (Carol Arber, J.).
The conveyances fall within the provisions of Debtor and Creditor Law § 273-a in that they were made after commencement of plaintiff's arbitration against the transferor, the arbitration resulted in a judgment against the transferor that remains unsatisfied, the conveyancing documents recite no consideration other than the transferor's "love and affection" for the transferees and no showing is made that other consideration in fact was given. Furthermore, the properties are income producing and were represented to have a value well above the mortgage debt encumbering them in the transferor's financial statements for the year preceding institution of this action.
Concur — Sullivan, J. P., Milonas, Rosenberger, Nardelli and Williams, JJ.