Oklahoma § 24-116 - Transfers fraudulent to creditors

§ 24-116. Transfers fraudulent to creditors

A. A transfer made or obligation incurred by a debtor is

fraudulent as to a creditor, whether the creditor's claim arose

before or after the transfer was made or the obligation was

incurred, if the debtor made the transfer or incurred the

obligation:

1. With actual intent to hinder, delay, or defraud any creditor

of the debtor; or

2. Without receiving a reasonably equivalent value in exchange

for the transfer or obligation, and the debtor:

a.

was engaged or was about to engage in a business or a

transaction for which the remaining assets of the

debtor were unreasonably small in relation to the

business or transaction, or

b.

intended to incur, or believed or reasonably should

have believed that he would incur, debts beyond his

ability to pay as they became due.

B. In determining actual intent pursuant to the provisions of

paragraph 1 of subsection A of this section, consideration may be

given, among other factors, to whether:

1. The transfer or obligation was to an insider;

2. The debtor retained possession or control of the property

transferred after the transfer;

3. The transfer or obligation was disclosed or concealed;

4. Before the transfer was made or obligation was incurred, the

debtor had been sued or threatened with suit;

5. The transfer was of substantially all the debtor's assets;

6. The debtor absconded;

7. The debtor removed or concealed assets;

8. The value of the consideration received by the debtor was

reasonably equivalent to the value of the asset transferred or the

amount of the obligation incurred;

9. The debtor was insolvent or became insolvent shortly after

the transfer was made or the obligation was incurred;

10. The transfer occurred shortly before or shortly after a

substantial debt was incurred; and

11. The debtor transferred the essential assets of the business

to a lienor who transferred the assets to an insider of the debtor.

Oklahoma Statutes - Title 24. Debtor and Creditor

Added by Laws 1986, c. 100, § 5, eff. Nov. 1, 1986.