Land And Conveyancing Law Reform Act 2009

74.

Fraudulent dispositions.

74.— (1) F5 [ Subject to subsections (2) , (5) and (6) ] , any voluntary disposition of land made with the intention of defrauding a subsequent purchaser of the land is voidable by that purchaser.

[CA 1634, ss. 1 to 5, 10, 11 and 14][VCA 1893]

(2) For the purposes of subsection (1), a voluntary disposition is not to be read as intended to defraud merely because a subsequent disposition of the same land was made for valuable consideration.

(3) F5 [ Subject to subsections (4) , (5) and (6) ] , any conveyance of property made with the intention of defrauding a creditor or other person is voidable by any person thereby prejudiced.

(4) Subsection (3) does not—

( a) apply to any estate or interest in property conveyed for valuable consideration to any person in good faith not having, at the time of the conveyance, notice of the fraudulent intention, or

( b) affect any other law relating to bankruptcy of an individual or corporate insolvency.

F6 [ (5) The disposal of any property of an authorised credit institution within the meaning of the Central Bank and Credit Institutions (Resolution) Act 2011 pursuant to an order under that Act does not amount to a voluntary disposition or a conveyance of property. ]

F7 [ (6) The disposal of any property, or interest in property, of IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013), and whether effected before or after the passing of the Irish Bank Resolution Corporation Act 2013, does not amount to a voluntary disposition or a conveyance of property. ]

Annotations:

Amendments:

F5

Substituted (7.02.2013) by Irish Bank Resolution Corporation Act 2013 (2/2013), s. 21(a), (b), commenced on enactment.

F6

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(4) and sch. 2 part 4, S.I. No. 548 of 2011.

F7

Inserted (7.02.2013) by Irish Bank Resolution Corporation Act 2013 (2/2013), s. 21(c), commenced on enactment.

Modifications (not altering text):

C3

Prospective affecting provision: certain transfers deemed to constitute conveyance for purpose of section by Legal Services Regulation Act 2015 (65/2015), s. 124(2), not commenced as of date of revision.

Property of partnership

124. ...

(2) The transfer of any partnership property out of the joint ownership of some or all of the partners in a limited liability partnership for the benefit of any one or more of those partners shall constitute a conveyance for the purposes of section 74 of the Land and Conveyancing Law Reform Act 2009 and section 7 of the Bankruptcy Act 1988.

Editorial Notes:

E10

Previous affecting provisions: subss. (1) and (3) amended (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(4) and sch. 2 part 4, S.I. No. 548 of 2011; superseded as per F-note above.