Fraudulent Sale, Assignment, or Transfer of Property Void

  1. Law
  2. Georgia Code
  3. Corporations, Partnerships, and Associations
  4. Limited Partnerships
  5. Limited Partnerships Formed Prior to February 15, 1952
  6. Fraudulent Sale, Assignment, or Transfer of Property Void

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  1. Every sale, assignment, or transfer of any of the property or effects of a limited partnership made by such partnership when insolvent or in contemplation of insolvency or made after or in contemplation of the insolvency of any partner, with the intent of giving a preference to any creditor of such partnership or insolvent partner over other creditors of such partnership or insolvent partner; and every judgment confessed, lien created, or security given by such partnership under the like circumstances and with the like intent shall be void as against the creditors of such partnership.
  2. Every such sale, assignment, or transfer of any of the property or effects of a general or special partner who may have become liable as a general partner made by such general or special partner when insolvent or in contemplation of insolvency or made after or in contemplation of the insolvency of the partnership, with the intention of giving to any creditor of his own, or of the partnership, a preference over creditors of the partnership; and every judgment confessed, lien created, or security given by any such partner under like circumstances and with like intent shall be void as against the creditors of the partnership.
  3. Any special partner who shall violate any provision of subsections (a) and (b) of this Code section or who shall concur in, or assent to, any such violation by the partnership or by any individual partner shall be liable as a general partner.

(Laws 1837, Cobb's 1851 Digest, pp. 587, 588; Code 1863, §§ 1941, 1942, 1943; Code 1868, §§ 1929, 1930, 1931; Code 1873, §§ 1939, 1940, 1941; Code 1882, §§ 1939, 1940, 1941; Civil Code 1895, §§ 2681, 2682, 2683; Civil Code 1910, §§ 3210, 3211, 3212; Code 1933, §§ 75-419, 75-420, 75-421; Code 1981, §14-9-129; Code 1981, §14-9A-129, as redesignated by Ga. L. 1988, p. 1016, § 1.)


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