SF 687

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to creditor remedies; clarifying right of 
  1.3             execution on fraudulent transfers; amending Minnesota 
  1.4             Statutes 1996, section 513.47. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1996, section 513.47, is 
  1.7   amended to read: 
  1.8      513.47 [REMEDIES OF CREDITORS.] 
  1.9      (a) In an action for relief against a transfer or 
  1.10  obligation under sections 513.41 to 513.51, a creditor, subject 
  1.11  to the limitations in section 513.48, may obtain: 
  1.12     (1) avoidance of the transfer or obligation to the extent 
  1.13  necessary to satisfy the creditor's claim; 
  1.14     (2) an attachment or other provisional remedy against the 
  1.15  asset transferred or other property of the transferee in 
  1.16  accordance with the procedure prescribed by chapter 570; 
  1.17     (3) subject to applicable principles of equity and in 
  1.18  accordance with applicable rules of civil procedure: 
  1.19     (i) an injunction against further disposition by the debtor 
  1.20  or a transferee, or both, of the asset transferred or of other 
  1.21  property; 
  1.22     (ii) appointment of a receiver to take charge of the asset 
  1.23  transferred or of other property of the transferee; or 
  1.24     (iii) any other relief the circumstances may require. 
  1.25     (b) If a creditor has obtained a judgment on a claim 
  2.1   against the debtor, the creditor, if the court so orders, may 
  2.2   obtain a writ of execution and levy execution on the asset 
  2.3   transferred or its proceeds. 
  2.4      Sec. 2.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment.