Fourth Circuit determines that presumption against extraterritoriality does not bar application of U.S. Bankruptcy Code to avoid debtor's transfer of Bahamian realty.

From: International Law Update | Date: March 1, 2006 | Copyright information

In 1976, Betty Irene French (the debtor), a resident of Maryland, bought a house in the Bahamas. At a Christmas party in 1981 in Maryland, she gave a deed to the property to her children, Randy Lee French and Donna Marie Shaka (the transferees). To avoid high local transfer taxes, however, the transferees did not immediately record the deed in the Bahamas. In the late 1990s, however, the debtor and her husband were running into financial problems; accordingly, in mid-2000, the transferees decided to record the deed in the Bahamas. In October 2000, Mrs. French's creditors filed an ...

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