ACLI Government Securities, Inc. v. Rhoades
United States District Court for the Southern District of New York
653 F. Supp. 1388 (1987)
Daniel Rhoades (defendant) and Norma Rhoades were siblings and partners together in a law firm. They owned a parcel of real property together. Daniel owned three-fifths of the property and Norma owned two-fifths of the property. ACLI Government Securities, Inc. (AGS) (plaintiff) sued Daniel. AGS prevailed, and the court entered judgment against Daniel for over $1,500,000. On the day after the verdict and one day before the judgment was signed, Daniel conveyed his interest in the jointly-owned real property to his sister Norma for $1. The conveyance was secret and not disclosed by Daniel to counsel or the court, as required by an existing court order. The Rhoades claimed that the conveyance was for an existing antecedent debt owed by Daniel to Norma.
Rule of Law
Holding and Reasoning (Lasker, J.)
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