Motorworld, Inc., Plaintiff v. William Benkendorf, Gudrun Benkendorf, Benks Land Services, Inc., Defendants…

Summary

The Supreme Court of New Jersey held that Motorworld's release of a $600,000 note was a constructively fraudulent transfer under N.J.S.A. 25:2-27(a) because Motorworld received no reasonably equivalent value. The Court reversed the Appellate Division's judgment and remanded for further consideration of estoppel, statute‑of‑limitations, and interest‑penalty issues.