48-48 Associates v. Piccoli

Order and judgment (one paper), Supreme Court, New York County (Edward Lehner, J.), entered August 23, 1996, inter alia, declaring that the corporate respondent’s transfer of settlement proceeds to the individual respondent was fraudulent as against petitioner, and awarding petitioner the amount of such proceeds, unanimously affirmed, without costs.

The IAS Court correctly determined, without a hearing, that the insolvent corporation’s transfer to its director and sole shareholder was lacking in good faith (see, Julien J. Studley, Inc. v Lefrak, 66 AD2d 208, 213-214, affd 48 NY2d 954), and…