Question relating to succession and assignment.?
2017-05-27 10:21 pm
So, succession transfers the liablities as well( to the extent of estate transferred), whereas assignment just transfers the benefit. So now, if a fathers knowing that he has a lot of debts and he is going to die in few months, assigns his property to his son, is it legal? As it is, after his death, the estate would have been succeeded, but his debts would also have been transferred. So, here the intention is to decieve the other party. Would it count as fraud?
回答 (2)
2017-05-28 12:00 am
✔ 最佳答案
You cannot assign something that is encumbered by debt. So, for example, your father cannot assign over his house to you without the permission of the company that holds a mortgage on it. Were he to do that, the bank that holds the mortgage would force the sale of the house so that they could be repaid.After your father dies, the estate pays the debts of the deceased before assets can be distributed. If there are not enough liquid assets to pay the debts then the house will be sold. So if (for example) your father were to hand over to you his entire savings so that he died illiquid, the executor would have to sell his house to cover the debts and taxes.
If there is not enough in the estate to cover his debts after the house is sold then the creditors are entitled to look back to see if there was a transfer of assets. They could reverse anything that happened close to his death. Fraud would be hard to prove unless you refused to return the money.
2017-05-28 2:53 am
Yes, it is fraud. The transfer is not effective to cheat the creditors. The details depend on where this happens.
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