If the assignor has, before making the deed of assignment, made a preferential or fraudulent transfer, conveyance or gift of any of his property or a fraudulent purchase of any property in the name of another, the property fraudulently transferred, conveyed, given or purchased shall vest in the assignee. The assignee shall institute the proceedings necessary to recover the property so disposed of, using any remedy which a creditor might exercise. If the assignee upon demand refuses to institute such proceedings, any creditor may do so, and the property recovered shall become a part of the estate and be distributed as other assets.
Effective: October 1, 1942

Terms Used In Kentucky Statutes 379.070

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 84.