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Under the Bankruptcy Code, not only can the initial recipient of a fraudulent conveyance be held liable, but so too can a subsequent transferee. However, there can be important nuances in the challenged transaction that may provide a subsequent transferee with a substantial defense. One of those nuances was recently identified by the U.S. Court of Appeals for the Tenth Circuit, which highlighted the difference between the receipt of the asset which was fraudulently conveyed and the proceeds of such asset. See, Rajala v. Spencer Fane (In re Generation Resources Holding), 2020 U.S. App. LEXIS 21454 (10th Cir. July 10, 2020).
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