This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
242.07(1)(b) (b) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with chs. 810 to 813.
242.07(1)(c) (c) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure:
242.07(1)(c)1. 1. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
242.07(1)(c)2. 2. Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
242.07(1)(c)3. 3. Any other relief the circumstances may require.
242.07(2) (2)If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
242.07 History History: 1987 a. 192.
242.07 Annotation Nothing in ch. 242 changes the principle of law that compensatory damages are a threshold requirement for awarding punitive damages or otherwise permits a punitive damages award. Rescission under sub. (1) is an equitable remedy and does not constitute compensatory damages. C & A Investments v. Kelly, 2010 WI App 151, 330 Wis. 2d 223, 792 N.W.2d 644, 09-2420.
242.08 242.08 Defenses, liability and protection of transferee.
242.08(1)(1)A transfer or obligation is not voidable under s. 242.04 (1) (a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
242.08(2) (2)Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under s. 242.07 (1) (a), the creditor may recover judgment for the value of the asset transferred, as adjusted under sub. (3), or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against any of the following:
242.08(2)(a) (a) The first transferee of the asset or the person for whose benefit the transfer was made.
242.08(2)(b) (b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
242.08(3) (3)If the judgment under sub. (2) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
242.08(4) (4)Notwithstanding voidability of a transfer or an obligation under this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to any of the following:
242.08(4)(a) (a) A lien on or a right to retain any interest in the asset transferred.
242.08(4)(b) (b) Enforcement of any obligation incurred.
242.08(4)(c) (c) A reduction in the amount of the liability on the judgment.
242.08(5) (5)A transfer is not voidable under s. 242.04 (1) (b) or 242.05 if the transfer results from any of the following:
242.08(5)(a) (a) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law.
242.08(5)(b) (b) Enforcement of a security interest in compliance with ch. 409.
242.08(6) (6)A transfer is not voidable under s. 242.05 (2):
242.08(6)(a) (a) To the extent that the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
242.08(6)(b) (b) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
242.08(6)(c) (c) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
242.08 History History: 1987 a. 192.
242.08 Annotation The good-faith defense under sub.(1) applies only to claims made under s. 242.04 (1) (a), not claims under other sections. Badger State Bank v. Taylor, 2004 WI 128, 276 Wis. 2d 312, 688 N.W.2d 439, 03-0750.
242.09 242.09 Statute of limitation. Actions under this chapter are barred as provided in s. 893.425.
242.09 History History: 1987 a. 192.
242.10 242.10 Supplementary provisions. Unless displaced by this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating cause, supplement this chapter.
242.10 History History: 1987 a. 192.
242.11 242.11 Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
242.11 History History: 1987 a. 192.
242.11 Annotation This section provides an explicit invitation for a court to consider the way other jurisdictions have interpreted the same language in the Uniform Fraudulent Transfer Act. Beck v. BidRX, LLC, 2018 WI App 61, 384 Wis. 2d 207, 918 N.W.2d 96, 17-2043.
242.11 Annotation The legislature expressly stated its intent that the Uniform Fraudulent Transfer Act should be construed to accomplish uniformity among states enacting it. Official Committee of Unsecured Creditors of Great Lakes Quick Lube LP v. Theisen, 2018 WI App 70, 384 Wis. 2d 580, 920 N.W.2d 356, 18-0333.
Loading...
Loading...
This is an archival version of the Wis. Stats. database for 2019. See Are the Statutes on this Website Official?