Creditors' Rights and Security Transactions -- 1958 Tennessee Survey

Fraudulent Conveyances: In Nashville Milk Producers, Inc. v. Alston' a bill to set aside transfers of a herd of dairy cattle alleged that the debtor in 1953 purported to transfer the herd to his wife, and that in 1955 the wife purported to transfer the herd to their son.Both transfers were alleged to have been made for no consideration,or a consideration that was not fair and adequate. The bill also charged that the conveyances rendered the grantor insolvent, and were part of a general scheme participated in by all three defendants to hinder, delay and defraud existing and subsequent creditors. Defendants' answer consisted solely of denial of the charges of fraud and lack of consideration, and gave no explanation of the transfers. None of the defendants testified, and no evidence was introduced on their behalf.

It was stipulated that bills of sale were never recorded, and defendants' counsel admitted he did not know whether the sales were evidenced by written instruments. Complainant's evidence established his claim for a feed bill incurred-in 1954, that debtor was lessee of the farm on which the herd was at all times kept, and that the herd was under the control and management of the debtor after the alleged