16:09
Just got my Michigan rejection
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LSDefine
Simple English definitions for legal terms
colorable transfer
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A quick definition of colorable transfer:
A transfer is when someone gives away or sells something they own to someone else. This can happen in many ways, like giving a gift, paying money, or signing a contract. There are different types of transfers, like ones that happen while someone is alive (inter vivos) or after they pass away (testamentary). Sometimes, transfers can be fake or not real (colorable), or done to trick people (in fraud of creditors).
A more thorough explanation:
A colorable transfer is a transfer of property that appears to be authentic but is actually a sham or a pretended transfer. It is a transfer that is made to deceive others and has no real substance.
For example, if a person transfers their property to a family member for a nominal amount of money, but continues to use and control the property as if it were still theirs, it would be considered a colorable transfer. This is because the transfer is not genuine and is only meant to give the appearance of a legitimate transfer.
Another example of a colorable transfer is when a debtor transfers their property to a third party to avoid paying their creditors. This is considered a fraudulent transfer and is not a legitimate transfer of property.
In both examples, the transfer is not a true transfer of property because the transferor still retains control and ownership of the property. It is only a colorable transfer meant to deceive others.