Texas Supreme Court Orders - 7/17/15

Posted by Rich PhillipsThis morning, the Texas Supreme Court accepted the certified question from the Fifth Circuit in No. 15-0489, Janvey v. The Golf Channel. This case arises from the Stanford fraud litigation. The question certified by the Fifth Circuit is:Considering the definition of “value” in section 24.004(a) of the Texas Business and Commerce Code, the definition of “reasonably equivalent value” in section 24.004(d) of the Texas Business and Commerce Code, and the comment in the Uniform Fraudulent Transfer Act stating that “value” is measured “from a creditor’s viewpoint,” what showing of “value” under TUFTA is sufficient for a transferee to prove the elements of the affirmative defense under section 24.009(a) of the Texas Business and Commerce Code?The Court has asked for briefs on the merits from the parties. The date for oral argument has not yet been set. In the interest of full disclosure, Thompson & Knight represents Mr. Janvey in his capacity as the court-appointed receiver for the Stanford entities. We are not involved in this case.Access the complete order list here.