OPINION
D. JOSEPH DeVITO, Bankruptcy Judge.
In this adversary matter, the trustee of the above debtor, Good Time Charley's, Inc. (GTC), seeks to set aside a mortgage given by GTC to Charles Barondess. The trustee moves under § 544 of the Bankruptcy Code on the grounds that the mortgage constitutes a fraudulent conveyance within the scope of the New Jersey Corporations Act, N.J.S.A. 14A:14-10[2] & [3].
On April 6, 1977, Barondess sold 100...
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