11 USC 523(a)(2)(A) exempts from bankruptcy discharge debts the bankrupt obtained by false pretenses, false representations or actual fraud.  This decision holds that the term “actual fraud” does not require proof of a false representation.  Instead, the term is broadly interpreted to encompass fraud by fraudulent transfers of property to hinder or delay creditors, in line with the historical meaning of the term and its use in bankruptcy acts going back to 1571.