FRAUDULENT CONVEYANCES - EXECUTORY CONSIDERATION AS "FAIR CONSIDERATION" UNDER THE UNIFORM FRAUDULENT CONVEYANCE ACT

Plaintiff, a purchaser of mortgaged realty, claimed that there had been a series of conveyances of this property originating with a remote grantor, fraudulent as to said grantor's creditors. At the time plaintiff learned of this, he had already paid taxes on the property and paid $4605 on the purchase price, leaving a balance of $2986 due on his contract. Since, allegedly, plaintiff would have been subject to an action of the creditors to have the conveyance to him set aside/ plaintiff sought to join all creditors and defrauders in an attempt to clear the title, or, if the transaction were called fraudulent, to secure a lien for the sums he had paid on his contract and for taxes. He also sought, among other things, relief against the prior mortgagee and against his immediate grantor for misrepresentation in selling him the property.

Held, under the Wisconsin Uniform Fraudulent Conveyance Act, that the original transfer of the property by the debtor-grantor was in fraud of creditors, and that the conveyance to plaintiff was void; that plaintiff had stated a good action for declaratory relief, to establish a lien on the property for payments made and taxes paid before plaintiff learned of the fraud, against the receiver of the immediate grantor and against the creditors of the debtor-grantor. Angers v. Sabatinelli, (Wis. 1940) 29 3 N. W. 173.