existing creditors

existing creditors
As the term appears in a statute which provides for the avoidance of a fraudulent transfer or conveyance as to "existing creditors," persons having subsisting obligations against the grantor or donor at the time of the transfer or conveyance, whether or not the obligations had been reduced to judgment at that time, even immature or contingent obligations. Carr v Davis, 64 W Va 522, 63 SE 326; Sallaske v Fletcher, 73 Wash 593, 132 P 648; Uniform Fraudulent Conveyance Act § 1. For some purposes, an "existing indebtedness" is a liquidated demand or a sum of money due by certain and express agreement. See existing indebtedness.

Ballentine's law dictionary. . 1998.

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