Statute of Elizabeth Claims
Our attorneys know how to handle such complex legal cases
Accusations of fraudulently transferring money to avoid creditors or bankruptcy are serious legal matters. If businesses or professionals do not properly transfer their assets, such funds could be subject to forfeiture or other legal consequences.
That’s why it’s critical for individuals or corporations to consult with an attorney who fully understands the state and federal asset protection laws governing such transactions, including the Statute of Elizabeth.
Our attorneys at Eller Tonnsen Bach, LLC are well versed in such rules and regulations governing fraudulent conveyances in South Carolina and other states. That’s because we have years of experience dealing with a wide range of complex, business litigation cases. There’s no substitute for such hands-on work, no substitute for the knowledge and the expertise you need to succeed in such complex legal matters.
What is the Statute of Elizabeth?
The Statute of Elizabeth (officially known as “Statute of 13 Elizabeth”) is a law whose origins date back to 1571 in England. That’s when the Fraudulent Conveyances Act was enacted by an Act of Parliament. The law was created in order to prevent people or businesses that owed money to banks or creditors from hiding financial assets that could be used to pay all or part of such debts.
A common example of a fraudulent conveyance might be a spouse who transfers money from their bank account to a spouse’s bank account in order to attempt to avoid having to pay money owed to a creditor.
Since then, most states have adopted the Uniform Fraudulent Conveyances Act (UFCA), also known as the Uniform Fraudulent Transfer Act (UFTA). This law gives creditors the ability to demand money that was fraudulently transferred to someone else or to another bank account in order to avoid paying creditors.
South Carolina is one of the states that still has a Statute of Elizabeth law. Like the UFTA, South Carolina’s Statute of Elizabeth law (South Carolina Code Section 27-23-10, Conveyances to defraud creditors; transfers of income and property to avoid paying child support) provides creditors with a mechanism for undoing fraudulent financial transfers made by individuals or businesses in an attempt to avoid paying creditors.
What legal issues come up involving Statute of Elizabeth cases?
Many legal issues often arise in Statute of Elizabeth cases. These issues may include:
- Disputes over the amount of assets the debtor had in their possession prior to transferring assets.
- Disputes over how much money is owed to the creditor(s).
- The value of the assets in possession or recently transferred by the debtor.
- Pending litigation involving the transferor or creditor.
- Disputes over the intentions of the debtor who transferred assets to another person, business or another entity.
These are just some of the legal cases that often arise involving asset transfers and whether they comply with the applicable state and federal laws. Many other cases are common. Each one deserves its own unique approach. That’s why it’s important to talk with an attorney to learn more about your legal options.
How can such legal issues be resolved?
There are many solutions to disputes involving Statute of Elizabeth cases. These include:
- Presenting evidence to the presiding court that the asset transfers in question were legitimate or violated state or federal fraudulent conveyance laws.
- Initiating an avoidance action to regain possession of transferred property or other financial assets.
- Negotiating a settlement agreement between all parties involved.
- Petitioning the presiding court to uphold or void an asset transfer.
Solutions to such cases can cover a wide range. It’s also important to understand the urgency of such legal matters. That’s why it’s critical to take legal action right away. Attorneys with experience dealing with such financial matters understand this and can work with you to resolve your dispute in a timely, cost-effective manner.
Why should I hire a lawyer?
The rules and regulations involving asset transfers, bankruptcy law and the rights of creditors, consumers and businesses can be complicated. We know because our attorneys have years of experience handling such complex cases in South Carolina and North Carolina. That’s why we’re the law firm many professionals, business owners and Fortune 500 companies choose to handle any legal issues involving Statute of Elizabeth claims.
We understand the complexity of such cases. That’s why we never take a one-size-fits-all approach to dealing with such legal matters. We take the time to develop an effective solution that produces positive outcomes. You can also count on us to keep you informed of the status of your case every step of the way.
Such a hands-on, detailed approach can be very effective. That’s why we encourage prospective clients to contact us and schedule an appointment with an attorney at one of our three office locations in South Carolina and North Carolina. We’re here to help you achieve success on your terms.