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Exempt Transferred Interests

By: Derek Hawkins//December 5, 2017//

Exempt Transferred Interests

By: Derek Hawkins//December 5, 2017//

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WI Court of Appeals – District IV

Case Name: Chad Gebhardt, et al. v. Bruce R. Bosben, et al.

Case No.: 2016AP2531

Officials: Sherman, Blanchard, and Fitzpatrick, JJ.

Focus: Exempt Transferred Interests

This case involves Bruce Bosben’s transfers of property interests to his wife, Gwen Bosben, and to an LLC owned solely by Bruce and Gwen at a time when a creditor was attempting to satisfy a money judgment against Bruce. We refer collectively to all rights, titles, interests, and assets in all of the entities and properties that Bruce transferred to Gwen and the LLC as the “transferred interests.” Bruce appeals a revised judgment of the circuit court denying Bruce’s claims that the transferred interests should be exempt from execution to satisfy the money judgment under WIS. STAT. § 815.18 (2015-16).

On appeal, Bruce challenges the portion of the revised judgment determining that the transferred interests are not exempt from execution because Bruce transferred the interests “with the intention of defrauding creditors.” See § 815.18(10). As a result of this exemption determination, the transferred interests could potentially be applied to satisfy the judgment. We reject the arguments made by Bruce, identified below, and, accordingly, affirm the revised judgment of the circuit court.

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Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.

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