PAULINE KASSIER, APPELLANT,
v.
ALAN KIPNIS, APPELLEE
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Affirmed judgment that fraudulently transferred partnership interest proceeds must be held in trust for judgment creditor, where subsequent sale by transferees to innocent third parties for reasonably equivalent value was not itself fraudulent.
A fraudulent transfer of partnership interest to a spouse who did not act in good faith is recoverable, but a subsequent sale of part of that interest by the transferees to innocent partners for reasonably equivalent value is not fraudulent and does not violate an assignment of proceeds.
[1] A subsequent sale of fraudulently transferred property by the transferee to an innocent third party for reasonably equivalent value is not itself a fraudulent transfer wh…
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Join FLexlaw to unlock all legal intelligencePhilip Kassier fraudulently transferred a ten percent partnership interest to himself and his wife Pauline Kassier without good faith or reasonably eq…
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PER CURIAM.
The implead-defendant, Pauline Kassier, appeals from an adverse final judgment in proceedings supplementary to execution and from the denial of her motion for rehearing. We affirm.
A careful review of the record shows that there was competent substantial evidence to support the special master’s findings that: 1) Philip Kassier fraudulently transferred a ten percent partnership interest to himself and his wife, Pauline Kassier, where she did not take the property in good faith and for reasonably equivalent value, and 2) the subsequent sale by Pauline and Philip Kassier of one-half of their partnership interest, or a five percent interest, to their partners for $75,000 was not prohibited by the Assign ment of Proceeds and was not a fraudulent transfer where the partners did not have notice of the Assignment of Proceeds and paid reasonably equivalent value. Robison v. Robison, 622 So. 2d 593 (Fla. 3d DCA 1993); Ferre v. City Nat’l Bank of Miami, 548 So. 2d 701 (Fla. 3d DCA 1989). Consequently, we find that the trial court properly adopted the special master’s findings and properly ordered that the $75,000 proceeds derived from the Kassiers’ sale of their five percent partnership interest to their partners should be held in trust for the benefit of Alan Kipnis, the judgment creditor. We find that the remaining points raised on appeal lack merit.
Affirmed.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Authorities Cited
- Ferre v. City Nat'l Bank OF Miami, 548 So. 2d 701 (Fla. 3d DCA 1989)
- Robison v. Robison, 622 So. 2d 593 (Fla. 3d DCA 1993)
- Kendall Square v. Mears, 622 So. 2d 593 (Fla. 3d DCA 1993)