Carteret Savings & Loan Assn. v. Jackson case brief summary
812 F.2d 36 (1st Cir. 1987)
CASE FACTS
Defendants were led into an allegedly painless get-rich enterprise. Defendants authorized the purchase of a yacht that would be chartered; the charter fees would allegedly meet all expenses. The purchase was to be financed by defendants' note to plaintiff. Nothing on the note, however, indicated that it was without recourse. The yacht was sold after a default judgment on the note was entered in partial satisfaction of the judgment. Plaintiff brought suit on the judgment was to recover the balance, and to obtain a declaration that the conveyance of defendants' residence to their daughter was fraudulent and void.
DISCUSSION
The court affirmed the ruling for plaintiff, because the evidence showed that defendants, in violation of the law, transferred their residence to avoid paying plaintiff.
CONCLUSION
The court affirmed the judgment.
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812 F.2d 36 (1st Cir. 1987)
CASE SYNOPSIS
Defendant debtors appealed from a
judgment of the United States District Court for the District of
Massachusetts, which granted summary judgment for plaintiff creditor
in his action to void as fraudulent defendants' transfer of their
residence.CASE FACTS
Defendants were led into an allegedly painless get-rich enterprise. Defendants authorized the purchase of a yacht that would be chartered; the charter fees would allegedly meet all expenses. The purchase was to be financed by defendants' note to plaintiff. Nothing on the note, however, indicated that it was without recourse. The yacht was sold after a default judgment on the note was entered in partial satisfaction of the judgment. Plaintiff brought suit on the judgment was to recover the balance, and to obtain a declaration that the conveyance of defendants' residence to their daughter was fraudulent and void.
DISCUSSION
The court affirmed the ruling for plaintiff, because the evidence showed that defendants, in violation of the law, transferred their residence to avoid paying plaintiff.
CONCLUSION
The court affirmed the judgment.
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.
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