Bill Text: VA SB164 | 2012 | Regular Session | Engrossed
Bill Title: Fraudulent conveyance and voluntary transfer; power of court to set aside, sanctions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-04-18 - Governor: Acts of Assembly Chapter text (CHAP0810) [SB164 Detail]
Download: Virginia-2012-SB164-Engrossed.html
12100874D
Be it enacted by the General Assembly of Virginia: 1. That §55-82.1 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding a section numbered 55-82.2 as follows: §55-82.1. Creditor's suits; attorney fees. In any suit brought by a creditor pursuant to §55-80, 55-81,
or 55-82 where a (i) gift; (ii) deed; (iii) conveyance, assignment, or transfer
of or charge upon the estate of a debtor; (iv) suit commenced or decree,
judgment, or execution suffered or obtained; or (v) bond or other writing is
declared void, the court shall award counsel for the creditor reasonable
attorney fees against the debtor. Upon a finding of fraudulent conveyance
pursuant to §55-80, the court may assess sanctions, including such attorney
fees, against all parties who [ §55-82.2. Authority of court to set aside. The court shall have the authority to set aside a fraudulent conveyance or voluntary transfer pursuant to §55-80 or 55-81 during an action brought by a creditor to execute on a judgment, either on motion of the creditor or on its own motion, provided that all parties who have an interest in the property subject to the conveyance are given notice of the proceeding. The court, by order, may direct the clerk to issue the proper process against such parties, and, upon the maturing of the case as to them, proceed to make such orders or decrees as would have been proper if the new parties had been made parties at the commencement of the suit. |