{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1926","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1926","heading":"Fraudulent transfers or transactions - Avoidance","body":"A. Every transfer made or suffered to be made and every\n\nobligation incurred by an insurer within one (1) year prior to the\n\nfiling of a successful petition for rehabilitation or liquidation\n\nunder the Insurance Code is fraudulent as to then existing and\n\nfuture creditors if made or incurred without fair consideration or\n\nwith actual intent to hinder, delay or defraud either existing or\n\nfuture creditors. A transfer made or an obligation incurred by an\n\ninsurer ordered to be rehabilitated or liquidated under the\n\nInsurance Code, which is fraudulent under this section, may be\n\navoided by the receiver, except as to a person who in good faith is\n\na purchaser, lienor, or obligee for a present fair equivalent value,\n\nand except that any purchaser, lienor or obligee, who in good faith\n\nhas given a consideration less than fair for such transfer, lien, or\n\nobligation, may retain the property, lien or obligation as security\n\nfor repayment. The court may, on due notice, order any such\n\ntransfer or obligation to be preserved for the benefit of the\n\nestate, and in that event, the receiver shall succeed to and may\n\nenforce the rights of the purchaser, lienor, or obligee.\n\nB. Every director, officer, employee, stockholder, member,\n\nagent, subscriber, and any other person acting on behalf of such\n\ninsurer who shall be concerned in any such act or deed and every\n\nperson receiving thereby any property of such insurer or the benefit\n\nthereof shall be personally liable therefor and shall be bound to\n\naccount to the Insurance Commissioner.\n\nC. The Insurance Commissioner as receiver in any proceeding\n\nunder this article may avoid any transfer of or lien upon the\n\nproperty of an insurer which any creditor, stockholder, subscriber\n\nor member of such insurer might have avoided and may recover the\n\nproperty so transferred unless such person was a bona fide holder\n\nfor value prior to the date of the granting of an order to show\n\ncause under this article. Such property or its value may be\n\nrecovered from anyone who has received it except a bona fide holder\n\nfor value as herein specified.\n\nD. Any transaction of the insurer with a reinsurer shall be\n\ndeemed fraudulent and may be avoided by the receiver under this\n\nsection if:\n\n1. The transaction consists of the termination, adjustment or\n\nsettlement of a reinsurance contract in which the reinsurer is\n\nreleased from any part of its duty to pay the originally specified\n\nshare of losses that had occurred prior to the time of the\n\ntransactions, unless the reinsurer gives a present fair equivalent\n\nvalue for the release; and\n\n2. Any part of the transaction took place within one (1) year\n\nprior to the date of filing of the petition through which the\n\nreceivership was commenced.\n\nE. Notwithstanding subsection A of this section, or any other\n\nprovision of this chapter, no receiver shall avoid any transfer of,\n\nor any obligation to transfer, money or any other property arising\n\nunder or in connection with any Federal Home Loan Bank security\n\nagreement, or any pledge, security, collateral or guarantee\n\nagreement or any other similar arrangement or credit enhancement\n\nrelating to such Federal Home Loan Bank security agreement.\n\nHowever, a transfer may be avoided under this section if it was made\n\nwith actual intent to hinder, delay or defraud either existing or\n\nfuture creditors.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0f281a4b41174e52f76bb35add5a55f33181d7c6908e77af9fc0bce113c90855","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1925","next":"us-ok/okla.-stat.-tit.-36-36-1926.1"},"notice":"GroundRules: Original legal text. Not legal advice."}