Kentucky Statutes 378A.070 – Remedies of creditor
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(1) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in KRS § 378A.080, may obtain:
(a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;
(b) An attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law; and
(c) Subject to applicable principles of equity and in accordance with applicable
Rules of Civil Procedure:
1. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
2. Appointment of a receiver to take charge of the asset transferred or of the other property of the transferee; or
3. Any other relief the circumstances may require.
(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 7, effective January 1, 2016.
(a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;
Terms Used In Kentucky Statutes 378A.070
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Asset: means property of a debtor, but the term does not include: (a) Property to the extent it is encumbered by a valid lien. See Kentucky Statutes 378A.010
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Creditor: means a person that has a claim. See Kentucky Statutes 378A.010
- Debtor: means a person that is liable on a claim. See Kentucky Statutes 378A.010
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- 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: means anything that may be the subject of ownership. See Kentucky Statutes 378A.010
- Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance. See Kentucky Statutes 378A.010
(b) An attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law; and
(c) Subject to applicable principles of equity and in accordance with applicable
Rules of Civil Procedure:
1. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
2. Appointment of a receiver to take charge of the asset transferred or of the other property of the transferee; or
3. Any other relief the circumstances may require.
(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 7, effective January 1, 2016.