- 11 U.S.C.
Havis v. AIG SunAmerica Life Assurance Co. (In re Bossart)
Dec
21
2007
Ruling
Purchase of annuity with substantially all non-exempt assets and subsequently claimed as exempt was intended to defraud creditors and was avoidable.
Procedural posture
Plaintiff bankruptcy trustee brought an adversary proceeding against defendant issuer of an annuity to intervenor bankruptcy debtors, alleging that the debtors'transfers of funds to the issuer to purchase the annuity on the eve of their bankruptcy was avoidable as actually and constructively fraudulent under 11 U.S.C. § 548. The bankruptcy court conducted a trial.
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Court
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