Case Conclusion Date: 10.12.1993
Practice Area: Commercial
Outcome: Defendant/Appellant found to be a bona fide purchaser for value of vehicle alleged to be a fraudulent transfer.
Description: Defendant purchased car after responding to a newspaper ad. Plaintiff sued the seller of the car for fraud and sought to set aside the purchase of the car by Defendant as a fraudulent transfer. Trial court set aside the transfer based on purchaser's misleading statements to her credit union in financing the purchase. Georgia Supreme Court reversed the trial court's setting aside of the transfer holding that the relevant inquiry is whether Defendant had purchased the car for value and had no notice of fraud committed by the seller.