The undertaking shall be conditioned that, if it is determined in the action that the transfer or obligation was voidable as to the creditor, the transferee will pay to the creditor the lesser of the following amounts:

(a) The value of the property or obligation as estimated in the undertaking.

Terms Used In California Civil Code 3447

  • Creditor: means "creditor" as defined in Section 3439. See California Civil Code 3445
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property: includes property real and personal. See California Civil Code 14
  • Transfer: means "transfer" as defined in Section 3439. See California Civil Code 3445
  • Transferee: means the person to whom property was transferred or an obligation was incurred, or the successors or assigns of the person. See California Civil Code 3445
  • will: includes codicil. See California Civil Code 14

(b) The amount determined in the action to be due and owing to the creditor by the person who transferred the property or incurred the obligation.

(Amended by Stats. 2015, Ch. 44, Sec. 18. (SB 161) Effective January 1, 2016.)

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