Bill > H1932

This bill updates the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act in Massachusetts, making several key modifications to Chapter 109A of the General Laws. The bill introduces new definitions for terms like "electronic", "organization", "person", "record", and "sign", expanding the legal terminology to reflect modern technological and business contexts. It clarifies the standards for determining a debtor's insolvency, specifying that insolvency is based on a fair valuation of assets versus debts and introducing a presumption of insolvency for debtors not paying their debts. The bill also adjusts the burden of proof for creditors making claims, requiring them to prove elements of their claim by a preponderance of evidence. Additionally, it provides more detailed rules about when transfers can be voided, including protections for good-faith transferees and those who provide reasonable value. The legislation explicitly states that it aims to make the law more uniform across states that adopt similar statutes, and it modifies how electronic signatures and transactions are treated under existing federal law. Importantly, these changes will only apply to transfers and obligations made on or after the bill's effective date, ensuring existing legal arrangements are not retrospectively disrupted.

Justice

https://malegislature.gov/Bills/194/H1932