Landmark Community Bank, N.A. v. John D. Klingelhutz

OPINION

KIRK, Judge.

Appellants, husband and wife, challenge the district court’s entry of judgment in favor of respondent-creditor, declaring their transfer of real property to wife’s limited liability company (LLC) as void under the Minnesota Uniform Fraudulent Transfer Act (MUFTA). 1 The real property secured a guaranty mortgage of up to $1,000,000 serving as additional collateral on a $7,750,000 construction loan that was obtained by Vista Canyon, LLC, of which husband is the chief manager. 2 Husband and wife contend that the property is not an asset under the act because it was fully…