The plaintiff, a judgment creditor of the defendant Francesco Fiore, brought an action to unwind the transfers of a residential property from Francesco to his son, and subsequently to his daughter.
The plaintiff alleged the transfers were fraudulent conveyances or created a resulting or express trust to shield the property from creditors.
The court found the action was not statute-barred as the 10-year limitation period under the Real Property Limitations Act applied.
While the court did not find sufficient evidence of fraudulent intent or an express trust, it concluded that the transfers lacked consideration and that Francesco retained control and beneficial ownership of the property.
The court declared a resulting trust and ordered the reappointment of a bankruptcy trustee to sell the property and pay creditors.
