|"This is an impressive crowd, the haves, and the have-mores. Some people call you the elite. I call you my base." (LAUGHTER) Al Smith Memorial Dinner in New York, 10/19/00|
The transfer of an estate made without any adequate consideration of value.
Whenever a voluntary conveyance is made, a presumption of fraud properly arises upon the statute of 27th Eliz. which presumption may be repelled by showing that the transaction on which the conveyance was founded, virtually contained some conventional stipulations, some compromise of interests or reciprocity of benefits, that point out an object and motive beyond the indulgence of affection or claims of kindred, and not reconcilable with the supposition of intent to deceive a purchaser. But unless so repelled, such a conveyance coupled with a subsequent negotiation for sale, is conclusive evidence of statutory fraud.. A distinction has been made between previous and subsequent creditors; such a conveyance is void as to the former but not as to the latter. And a conveyance by a father who, though in debt, is not in embarrassed circumstances, who makes a reasonable provision for a child, leaving property sufficient to pay his debts, is not per se, fraudulent.By the statute of 3 Henry VII. all deeds of gifts of goods and chattels in trust for the donor were declared void; and by the statute of 13 Eliz. gifts of goods and chattels, as well as of lands, by writing or otherwise, made with intent to delay, hinder and defraud creditors, were rendered void as against the person to whom such frauds would be prejudicial.
The principles of these statutes, which indeed have been copied from the civil law though they may not have been substantially reenacted, prevail throughout the United States.
As between the parties such conveyances are, in general, good. And when it has once been executed and delivered, it cannot be recalled; even where an unmarried man executes a voluntary trust deed for the benefit of future children, nor can he relieve himself from a provision in the conveyance to the trustee, under which the income of the trust property is to be paid to him at. the discretion of a third person.