Bill > A05622

This bill enacts the Uniform Voidable Transactions Act and repeals provisions relating to fraudulent conveyances in New York. Key provisions include: - Defining key terms like "asset," "creditor," "debtor," "insider," and "transfer" for the purposes of the Act. - Establishing when a debtor is considered insolvent and how to determine the value of a transfer or obligation. - Laying out circumstances under which a transfer or obligation can be considered voidable by a creditor, including if the debtor acted with intent to hinder, delay or defraud, or if the debtor did not receive reasonably equivalent value in exchange. - Providing remedies for creditors, such as avoiding the transfer, attaching assets, or appointing a receiver. - Outlining defenses for good faith transferees and obligations, as well as the burden of proof. - Establishing a statute of limitations for bringing claims under the Act. - Specifying that the Act's provisions apply to transfers made or obligations incurred on or after the effective date, but not to prior transactions or accrued rights of action. The bill also makes conforming changes to related laws, such as the Civil Practice Law and Rules, Estates, Powers and Trusts Law, and Workers' Compensation Law.

Housing and Urban Affairs, Justice

https://assembly.state.ny.us/leg/?default_fld=&bn=A05622&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y