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Sixth Circuit Trims Bank's Good-Faith Defense to Fraudulent Transfer Claims
Last month, we began our discussion of what constitutes a good-faith defense to a fraudulent transfer claim with an initial examination of the recent Sixth Circuit opinion in Meoli v. Huntington Nat'l Bank, 2017 U.S. App. LEXIS 2248, *28 (Feb. 8, 2017). We continue the analysis this month by focusing on sub-issues presented in Meoli, including the question of notice, the proper test of good faith, and an analysis of whether banks may be considered “transferees” with respect to ordinary bank deposits. In addition, we discuss a recent Ninth Circuit preference decision that offers a mistaken analysis of the transfer issue.
Meoli
In Meoli, the trustee, sought to recover fraudulent transfers of funds from the debtor, T, to a bank that lent money to, and maintained the deposits of, another company, C, which had created T to perpetuate a Ponzi scheme. As a part of the scheme, C and T moved the fraud's proceeds between their bank accounts.
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