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If caught, George could be booked by the Henderson Police at the Henderson Detention Center for making a fraudulent conveyance because he intentionally gave away the Ferrari to avoid paying back money he borrowed. Frightened that the credit card company might go after the Ferrari to pay off the debt, George gives it to his best friend Sam on the understanding that Sam will give it back once the credit card company stops pursuing George. His only valuable asset is a vintage Ferrari he inherited from his grandfather.
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George in Henderson has a high credit card debt. To illustrate the Nevada crime of fraudulent conveyance by a debtor, Reno criminal defense attorney Michael Becker gives an example: The property in these cases tends to be real estate, vehicles, jewelry, or family heirlooms.
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The legal definition of a “fraudulent conveyance” is typically divided into two separate but similar offenses: 1) Fraudulent conveyance by a debtor, and 2) Fraudulent conveyance by a judgment debtor:ġ) Fraudulent conveyance by a debtor (NRS 205.330):Ī fraudulent conveyance by a debtor in Nevada occurs when people owing a debt (“debtors”) either sell, give away, conceal, or move their assets for the purpose of preventing their lenders (“creditors”) from accessing them. Definition of “fraudulent conveyance” in Nevada This article explains the Nevada law of “fraudulent conveyances.” Continue reading to learn the laws, defenses, and penalties for concealing assets from creditors. But a skilled Nevada criminal defense attorney may be able to get the charges lessened or dismissed altogether. Penalties for making a fraudulent conveyance can be harsh, including high fines and even incarceration. The recent economic downturn has spawned an increase in “fraudulent conveyance” charges in Nevada criminal courts: These cases involve debtors being accused of unlawfully hiding their assets to get out of paying back their creditors.