Bill > S04236

This bill enacts the Uniform Voidable Transactions Act and repeals provisions relating to fraudulent conveyances in New York state. The key provisions of the bill include: 1. Defining key terms like "asset," "creditor," "debtor," "insider," and "transfer" under the new Uniform Voidable Transactions Act. 2. Establishing standards for determining when a debtor is insolvent and when value is given for a transfer or obligation. 3. Allowing creditors to void transfers or obligations made by a debtor with the intent to hinder, delay, or defraud creditors, or without receiving reasonably equivalent value. 4. Providing remedies for creditors, including avoidance of the transfer, attachment of the asset, and appointment of a receiver. 5. Establishing defenses and protections for good-faith transferees and obligees. 6. Aligning the state's civil practice law and rules, estates law, and workers' compensation law with the new Uniform Voidable Transactions Act terminology. 7. Specifying an effective date of 120 days after becoming law and applying the new Act prospectively.

Housing and Urban Affairs, Justice

https://www.nysenate.gov/legislation/bills/2019/S4236