(1) Subject to subsections (2), (5) and (6), any voluntary disposition of land made with the intention of defrauding a subsequent purchaser of the land is voidable by that purchaser.

(2) For the purposes of subsection (1), a voluntary disposition is not to be read as intended to defraud merely because a subsequent disposition of the same land was made for valuable consideration.

(3) Subject to subsections (4), (5) and (6), any conveyance of property made with the intention of defrauding a creditor or other person is voidable by any person thereby prejudiced.

(4) Subsection (3) does not -

(a) apply to any estate or interest in property conveyed for valuable consideration to any person in good faith not having, at the time of the conveyance, notice of the fraudulent intention, or

(b) affect any other law relating to bankruptcy of an individual or corporate insolvency.