55-907. TRANSFERS IN FRAUD OF CREDITORS — DELIVERY AND CHANGE OF POSSESSION. Every transfer of personal property other than a thing in action, and every lien thereon, other than (a) any transfer in connection with security interest created under the Uniform Commercial Code, is presumed, if made by a person having at the time the possession or control of the property, and not accompanied by an immediate delivery and followed by an actual and continued change of possession of the things transferred, to be fraudulent, and therefore void, against those who are his creditors while he remains in possession, and the successors in interests of such creditor, and against any persons on whom his estate devolves in trust for the benefit of others than himself, and against purchasers or encumbrancers in good faith subsequent to the transfer.
History:
[(55-907) 1863, p. 540, sec. 15; R.S., sec. 3021; reen. R.C. & C.L., sec. 3170; C.S., sec. 5434; I.C.A., sec. 54-907; am. 1967, ch. 272, sec. 27, p. 745.]