What is defrauding a secured creditor?

What is defrauding a secured creditor?

§ 11.423 Defrauding secured creditors. A person commits a misdemeanor if he or she destroys, conceals, encumbers, transfers or otherwise deals with property subject to a security interest with purpose to hinder that interest.

What charge is hindering secured creditors?

Depending on the value of the property involved, hindering a secured creditor may be charged as a Class C misdemeanor (involving property valued at less than $20) or a felony in the first degree (involving property valued at $200,000 or more).

What are the rights of a secured creditor?

The rights held by secured creditors are similar to those of unsecured creditors, for example, to vote at creditors’ meetings and to receive dividend payments. However, even when a company is in liquidation, a secured creditor can still appoint a receiver to take control of secured assets to repay their debt.

What is forgery of a financial instrument in Texas?

Forgery of a Financial Instrument in Texas means that an individual has knowingly and willingly falsified, encoded, counterfeited or embossed a financial document or notes. This type of forgery is specifically intended to defraud a victim financially.

What does conspiracy to hinder prosecution mean?

with intent to prevent, hinder or delay the discovery or. apprehension of, or the lodging of a criminal charge against, a person who he or she knows or believes has committed.

What is hinder creditors?

“Hindering” means to prevent, obstruct or stop. Essentially, hindering a secured creditor means to prevent a person or agency who made a loan from repossessing property after the loan is not repaid.

Can a secured creditor be outside the liquidation process?

This is clear from Section 36(1)(g). That is, if the secured creditor does not relinquish security interest, the asset will not even form part of the liquidation estate. Section 52 makes the following clear: o Secured creditor(s) have unfettered right to enforce security interest outside liquidation.

What are the rights of a secured creditor under Sarfaesi Act?

The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of …

Is forgery a crime in Texas?

Texas forgery law makes it a crime to forge a “writing” with intent to defraud or harm another person. If the defendant is being charged with having forged two or more writings, then there will be a presumption that he or she did intend to defraud another person.

What is hindering an investigation?

Hiding, tampering with, or destroying evidence in a crime, or hiding information that would aid the investigation. Warning a suspect about the police investigation. Using threats, intimidation, force, or deception to prevent the police from making an arrest.

How much time can you get for hindering prosecution?

Generally, hindering prosecution in the first degree is charged as a class 5 felony. A conviction carries up to 2 years in prison.

What does it mean to hinder secured creditors in Texas?

Texas Penal Code – PENAL § 32.33. Hindering Secured Creditors (a) For purposes of this section: (1) “Remove” means transport, without the effective consent of the secured party, from the state in which the property was located when the security interest or lien attached.

What’s the law on fraudulent transfers in Texas?

Also relevant is Tax Code Section 111.024 dealing with tax liability on the part of recipients of fraudulent transfers, as well as Penal Code Section 32.33 (Hindering Secured Creditors). Federal bankruptcy law relating to this topic is found at 11 U.S.C. §548 but will not be discussed, since this article addresses Texas law exclusively.

What does security interest mean in Texas Penal Code?

(2) “ Security interest ” means an interest in personal property or fixtures that secures payment or performance of an obligation.

When is a transfer fraudulent as a present and future creditor?

Sec. 24.005. TRANSFERS FRAUDULENT AS TO PRESENT AND FUTURE CREDITORS. (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or within a reasonable time after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: