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CHAPTER F-24

FRAUDULENT CONVEYANCES ACT

Amended:

CHAPTER F-24

AN ACT RESPECTING FRAUDULENT

CONVEYANCES

Analysis

Short title

Definitions

Conveyances void

Section 3 not applicable

Application of

section 3

Short title

This Act may be cited as the Fraudulent Conveyances Act.

1974 No29 s1

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Definitions

In this Act

(a)

"conveyance" includes transfer, assignment, delivery over, payment, gift, grant, alienation, bargain, charge, incumbrance, limitation of use of, in, to or out of real property or personal property by writing or otherwise;

(b)

"personal property" includes goods, chattels, effects, bills, bonds, notes and securities and shares, dividends, premiums and bonuses in a bank, company or corporation, and an interest in either of them; and

(c)

"real property" includes lands, tenements, hereditaments and an estate or interest in either of them.

1974 No29 s2

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Conveyances void

Every conveyance of real property or personal property and every bond, suit, judgment and execution at any time had or made with intent to defeat, hinder, delay or defraud creditors or others of their just and lawful actions, suits, debts, accounts, damages, penalties or forfeitures are void as against those persons and their assigns.

1974 No29 s3

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Section 3 not applicable

Section 3 does not apply to an estate or interest in real property or personal property conveyed upon good consideration and in good faith to a person not having at the time of the conveyance to him or her notice or knowledge of the intent set out in that section.

1974 No29 s4

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Application of

section 3

Section 3 applies to every conveyance executed with the intent set out in that

section notwithstanding that it was executed upon a valuable consideration and with the intention, as between the parties to it, of actually transferring to and for the benefit of the transferee the interest expressed to be transferred, unless it is protected under

section 4 by reason of good faith and want of notice or knowledge on the part of the purchaser.

1974 No29 s5

Earl G. Tucker, Queen's Printer