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Simple English definitions for legal terms
ex fraude creditorum
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A quick definition of ex fraude creditorum:
Term: EX FRAUDE CREDITORUM
Definition: Ex fraude creditorum means that something was done with the intention of cheating or deceiving creditors. This term is often used in legal cases where a preference (a payment or transfer of assets) was made within 60 days of a bankruptcy filing. If it is found that the preference was made to defraud creditors, it can be set aside.
A more thorough explanation:
EX FRAUDE CREDITORUM
Ex fraude creditorum is a Latin term used in law to describe a situation where a debtor has acted fraudulently towards their creditors. This means that the debtor has done something to try and avoid paying their debts, which is not allowed under the law.
For example, if a person owes money to several different creditors and they transfer all of their assets to a family member or friend in an attempt to avoid paying their debts, this would be considered ex fraude creditorum. The transfer of assets would be seen as fraudulent because it was done to avoid paying the creditors.
In legal terms, if a preference is made within 60 days of a bankruptcy filing, it can be set aside if it is found to be ex fraude creditorum. This means that any actions taken by the debtor to avoid paying their debts can be reversed by the court.