Pangea Capital Management, LLC v. Lakian, No. 17-3209 (2d Cir. 2018)Annotate this Case
Pangea challenged the district court's order granting in part and denying in part the company's motion for writ of execution upon the proceeds from the sale of a property previously owned by appellees. The Second Circuit certified questions of New York law for which no controlling decisions of the New York Court of Appeals exist: (1) If an entered divorce judgment grants a spouse an interest in real property pursuant to D.R.L. Section 236, and the spouse does not docket the divorce judgment in the county where the property is located, is the spouse's interest subject to attachment by a subsequent judgment creditor that has docketed its judgment and seeks to execute against the property? (2) If the answer to Question (1) is "no," then: If a settlor creates a trust solely for the purpose of holding title to property for the benefit of himself and another beneficiary, and the settlor retains the unfettered right to revoke the trust, does the settlor remain the absolute owner of the trust property relative to his creditors, or is the trust property conveyed to the beneficiaries?
The court issued a subsequent related opinion or order on July 3, 2019.