Ways That Creditors May Discover Your Assets 

In order to work towards minimizing discovery of your assets in any given situation requires significant planning. The following is a summary of the ways creditors may discover your assets.  

• Do not rely on secrecy or concealment to prevent creditors from learning about your assets. You can be forced to testify under oath, and if you attempt to deny or conceal ownership you will be committing the crime of perjury.
• With the use of computers and modern investigation techniques, it is not difficult for creditors to locate assets, including those that have been kept overseas.
• You are only required to disclose your assets when a creditor (a) obtains a judgment against you, (b) when you are sued for punitive damages and the assets are relevant to the award, and (c) when you are involved in litigation involving the fraudulent conveyance and the assets are relevant to the discovery.
• Creditors that are entitled to discovery of the assets of a debtor have great discretion in their examination and procedures.
• Spouses can be forced to disclose their finances to a judgment creditor whether or not they are involved in the litigation.
• Insurance companies may be required to disclose information about your assets to judgment creditors.

Player Struck By Ball Can Sue Golf Club
A golfer could sue a golf club for injuries suffered when he was struck by an errant ball – his claim wasn’t barred by the assumption of the risk doctrine, a Court has ruled. The plaintiff was struck in the left eye by a golf ball while riding a golf cart. He sued the golf club for breach of implied warranty and strict liability, alleging the design of the gold course exposed those traveling along the paths to errant balls. He further claimed the club’s golf carts failed to offer adequate protection for riders. The gold club argued that getting struck by errant balls was an inherent risk of the sport and that the Plaintiff had assumed that risk by participating. read article

Stock Ownership Doesn’t Mean Ownership
Shareholders in a water-pipeline company lack ownership interest in the assets of the company and cannot sue for alleged injuries arising from the transfer of the assets to a city, a Court has ruled. In order to provide water to its residences, a city acquired the assets of a water-pipeline company. The company’s shareholders sued the city, disputing the propriety of the acquisition. A Court dismissed their claims, finding that their share ownership in the company gave them no ownership of company assets and therefore no standing to bring the lawsuit.

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