Section 278. Rights of creditors whose claims have matured

1. Where a
  conveyance or obligation is fraudulent as to a creditor, such  creditor,
  when  his  claim  has  matured,  may,  as  against  any  person except a
  purchaser for fair consideration without knowledge of the fraud  at  the
  time  of  the  purchase,  or  one  who  has derived title immediately or
  mediately from such a purchaser,
    a. Have the conveyance set aside or obligation annulled to the  extent
  necessary to satisfy his claim, or
    b.  Disregard  the  conveyance  and  attach or levy execution upon the
  property conveyed.
    2. A purchaser who without actual fraudulent  intent  has  given  less
  than  a  fair consideration for the conveyance or obligation, may retain
  the property or obligation as security for repayment.