Bill > H1832

This bill makes several changes to the Uniform Voidable Transactions Act in Massachusetts. Key provisions include: - Changing the title of the law from the "Uniform Fraudulent Transfer Act" to the "Uniform Voidable Transactions Act". - Updating the definitions section to align with the Uniform Act, including defining terms like "asset", "claim", "lien", and "transfer". - Modifying the standards and burden of proof for determining when a transaction is "voidable" by a creditor, including clarifying that the creditor has the burden of proving the elements. - Specifying the remedies available to creditors when a transaction is found to be voidable. - Establishing a 4-year statute of limitations for most voidable transaction claims. - Providing rules for determining which state's law applies to a voidable transaction claim. - Clarifying how the law applies to "series organizations" - legal entities with separately protected series of assets and liabilities. - Stating that the law modifies, but does not fully supersede, the federal Electronic Signatures in Global and National Commerce Act.

Justice

https://malegislature.gov/Bills/192/H1832