If a Fraudulent Transfer Is Made to a Bona Fide

question 99

True/False

If a fraudulent transfer is made to a bona fide purchaser for value, the transaction can still be reversed for a period of one year.

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Definitions:

Contractual Liability

Contractual liability involves obligations that a party has agreed to assume in a contract, making them legally responsible for fulfilling the terms of the agreement.

Transfer Warranty

A guarantee in legal documents, especially in sales of goods, assuring the recipient that the transferor has valid title and that the transfer is rightful.

Presentment Warranty

Assurance given in a transaction that certain facts are true as of the time of the deal, generally related to financial instruments.

Draft

A preliminary version of a document, plan, or design that is open for discussion, revision, or improvement.