Bill > H58

This bill renames the Uniform Fraudulent Transfer Act as the Uniform Voidable Transactions Act and makes several other amendments to the law. Key provisions include: - Updating the definitions used in the law, including defining terms like "asset," "claim," "creditor," "debtor," "insider," and "transfer." - Revising the standards for determining when a debtor is insolvent and when certain transfers or obligations may be considered "voidable" by creditors. - Clarifying the burdens of proof for creditors seeking to challenge transactions under the law. - Specifying the remedies available to creditors who successfully challenge transactions. - Establishing rules for determining which state's law applies in a given situation. - Applying the amendments to transactions made on or after the effective date, while preserving existing rights of action. The overall goal of the bill is to update and clarify the state's fraudulent/voidable transfer law to better address modern commercial practices and provide more certainty for parties involved in such transactions.

Justice

https://malegislature.gov/Bills/191/H58