Creditors and the Nebraska Statutes

The interests of creditors in their debtor's property have been protected since The Statute of 13 Elizabeth and Twyne's Case, but the problem as to which creditors are protected has resulted in varied and conflicting results, depending upon the transaction involved, the wording of the statute, and the interpretation of the statute by the court. Whether a creditor falls within the meaning of the particular statute usually depends upon when he became a creditor, and whether he has a lien by attachment or execution. Statutes protecting creditors by giving them rights in their debtor's property can be divided into two classes: (1) Where the debtor has possession of the property but not the title, and (2) Where the debtor transfers possession and title to defraud creditors. A. Possession But Not Title … Sales … Chattel Mortgages … Conditional Sales … Motor Vehicles … B. Transfer of Title and Possession… Fraudulent Conveyances … Trusts … Bulk Sales Act … Conclusion …