A Practice Note providing a general background on the Bankruptcy Code's fraudulent conveyance law, including the elements of both an actual and constructive fraudulent conveyance action and its practical application to common business transactions and corporate governance matters. This Note also discusses the effect of a successful fraudulent conveyance action, the defenses available to transferees facing these actions brought by the bankruptcy trustee or the debtor, and how the Bankruptcy Code's fraudulent conveyance law differs from state fraudulent conveyance laws.