Stock Transfer to Spouse to Dilute Stock Levied Against by Creditors Violated Minnesota Uniform Fraudulent Transfer Act
The Minnesota Court of Appeals recently affirmed a Ramsey County District Court ruling that a corporate director violated the Minnesota Uniform Fraudulent Transfer Act (“MUFTA”), Minn. Stat. §§ 513.41-.51, when he directed a closely-held corporation to sell newly-authorized company stock to his spouse. The result of the sale was a dilution in the value of […]