Heritage Properties Limited Partnership v. Walt & Lee Keenihan Foundation, Inc. (Majority, with Concurring and Dissenting)
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The Supreme Court reversed the judgment of the circuit court granting Walt & Lee Keenihan Foundation, Inc.'s (Foundation) motion for summary judgment and dismissing Heritage Properties Limited Partnership's (Heritage) complaint seeking to set aside an alleged fraudulent conveyance to the Foundation pursuant to a transfer on death (TOD) beneficiary designation on an account owned by Leta Keenihan, holding that the circuit court erred in deciding this case by summary judgment.
Specifically, the Court held (1) the circuit court clearly had jurisdiction in the present case; (2) Heritage, as a creditor, had standing to pursue its claim under the Fraudulent Transfer Act against the Foundation as the transferee; and (3) Heritage was not required to present evidence of Keenihan's intent at the time of the TOD designation, but the evidence raised a factual issue precluding summary judgment as to whether Keenihan reasonably should have believed that she would incur debts beyond her ability to pay.
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