In Re Fancy,a Businessperson Knew That He Was Facing Substantial

question 106

Multiple Choice

In Re Fancy,a businessperson knew that he was facing substantial losses from pending litigation.Shortly before declaring bankruptcy,he transferred his interest in the matrimonial home to his wife.What was the result?

• A) The Court reversed the transfer because it was unnecessary: The wife would automatically receive the matrimonial home once the bankruptcy took effect.
• B) The Court allowed the transfer, determining the wife was not a co-conspirator.
• C) The Court allowed the transfer, because transfers between spouses are exempt under the Bankruptcy and Insolvency Act.
• D) The Court reversed the transfer, determining it was a prohibited settlement under the Bankruptcy and Insolvency Act.
• E) The Court declined to exercise jurisdiction because a bankrupt has no status to appear in court.

---

Definitions:

Medical Journals

Scholarly publications that focus on research, current trends, and developments in the field of medicine.

Medical Care

Professional health services provided by doctors, nurses, and other healthcare practitioners to diagnose, treat, and prevent illness and injury.

African Americans

A racial or ethnic group in the United States with ancestors from Sub-Saharan Africa.

Health Care

The maintenance or improvement of health via the prevention, diagnosis, treatment, and recovery from illness, injury, and other physical and mental impairments.