Wisconsin Granite Co. v. Gerrity

Citations

• 144 Ill. 77

Syllabus

<p>1. Creditor’s bill — essential allegations and proof. In a creditor’s bill for the purpose of reaching equitable assets of the defendants, and to subject them to the complainant’s judgment, it is necessary to allege and prove that the complainant’s remedy at law has been exhausted before the filing of the bill.</p> <p>2. But when the real scope and effect of the bill is simply to set aside and remove out of the way of the complainant’s execution upon his judgment at law, certain conveyances executed by the judgment debtor after he became debtor to the complainant, without any valuable consideration and purely voluntary, it is not necessary to allege and prove the exhausting of his legal remedy, but the creditor may file his bill as soon as he recovers his judgment.</p> <p>3. Fraudulent conveyance — a gift from a husband to his wife. In this case a wife saved out of money given her by her husband for family expenses, $1,000, which she deposited in bank in her own name. Afterward, the husband needed the money to pay for property which he was purchasing, and she gave it to him, and still afterward, feeling that his life was uncertain, he made two deeds to her of certain real estate, so that in the event of his death, the property should belong to her and their children. Reid, that the transaction was totally wanting in the indispensable elements of a bargain and sale of the property, and was purely a gift to the wife by the husband, which, though good as between them, was fraudulent as to the existing creditors of the husband.</p> <p>4. In such case, the fact that the husband retains other property, but which is not of sufficient value over and above the incumbrances thereon to satisfy the creditor’s judgment, will hot prevent the setting aside of the deeds to the wife as in fraud of the judgment creditor.</p>