What is a Fraudulent Transfer Under Florida Law?
By Team at Zimmet & Zimmet, In Personal injury
People Trying to Avoid Responsibility
Sometimes when people cause terrible injuries they don’t want to pay and try to hide their property and financial accounts.
Some people take steps to keep the courts from making them pay by transferring their assets to other people or companies.
So here is an example: a wealthy business owner decides to drink and drive and hits an unsuspecting motorist in a head on collision causing millions or dollars worth of damage. The drunk driving, wealthy business owner may think that if he doesn’t move his assets out of his name then the person whose life he just devastated may get a court order requiring him to sell those assets to pay.
So he creates a new company and transfers all his financial accounts to the company. He continues business as usual and sells the land the business sits on to his wife for $1.
This is all an attempt to avoid responsibility. It doesn’t seem right, does it? The Florida Legislature didn’t think it was right either, and enacted Florida Statute chapter 726 so the victim of the head on collision isn’t victimized a second time.
The wealthy drunk driver shouldn’t be able to use legal loopholes to avoid responsibility.
If you have been injured through no fault of your own, ask us about our experience litigating this complex area of the law and our willingness to do everything we can to get you the compensation you deserve.
We think it is critical to look beyond insurance policies and be as thorough as possible in the investigation of a defendant’s assets.
Zimmet & Zimmet, personal injury lawyers
Personal Attention and the Time to Get It Right