Definition from Nolo’s Plain-English Law Dictionary
In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm