SOUTHERN IND. v. JEREMIAS


66 A.D.2d 178 (1978)

Southern Industries, Inc., Respondent-Appellant, v. Ernest Jeremias, Appellant-Respondent, et al., Respondents

Appellate Division of the Supreme Court of the State of New York, Second Department.

December 29, 1978


Attorney(s) appearing for the Case

Gitomer, Schwimmer & Gitomer, P. C. (Gary B. Berns of counsel), for appellant-respondent.

Otterbourg, Steindler, Houston & Rosen, P. C. (Abraham Kaplan of counsel), for respondent-appellant.

HOPKINS, J. P., GULOTTA and HAWKINS, JJ., concur.


DAMIANI, J.

The principal issue in this case is whether a transfer of substantially all of the assets of an insolvent corporation to a director thereof in return for the satisfaction of an antecedent debt is barred by the fraudulent conveyance provisions of the Debtor and Creditor Law. We hold the transfer invalid.

Ernest Jeremias was an officer, director and major stockholder of a publicly held corporation...

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