Practice Quiz

DSST Business Law II Exam Prep

Category - DSST Business Law II

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What is a remedy for a fraudulent conveyance?
  1. The court will reclaim the property and sell it to pay creditors.
  2. The court will subject the debtor to criminal prosecution.
  3. The court will fine the debtor.
  4. All of the above.
  5. None of the above.
Explanation
Answer: D. The remedy for a fraudulent conveyance is for the court tore claim the property and sell it to pay creditors, subject the debtor to criminal prosecution, or fine the debtor. A fraudulent conveyance occurs when a debtor sells or gives property to another in order to keep the property from creditors. The penalty for a fraudulent conveyance is determined by the state bankruptcy statute.
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